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Supporting women-led SMEs
PHuong trAn
BIDV recently launched its “Covid-19 Relief Comprehensive Financial Program for Women-led Small and Medium-sized Enterprises (WSME)” jointly funded by Asia Development Bank (ADB) and BIDV with attractive financial and nonfinancial solutions to support women to recover financially and develop their business activities.
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For eligible existing SME customers facing difficulties due to the Covid-19 pandemic, BIDV offers many solutions including restructuring loans with extended repayment term from six months and above; supporting six months of interest up to USD10,000 per customer - applicable to structured loans with principal and interest emerging since the Covid-19 pandemic was announced in Vietnam on 23 January 2020; and applying free structural penalties and fees penalties to debt structure.
This program is disbursed from the USD5 million funded by the women Entrepreneurs Finance Initiative (we-Fi) which has been entrusted to ADB. To further support wSMEs, BIDV has offered a comprehensive financial program with preferential service fees and interest rates for long-medium term and short-term loans.
Accordingly, eligible wSME customers will be offered a first-year loan interest rate of 7.5 per cent p.a. maximum, as well as other attractive offers such as waiver or reduction of payment account fees, cashflow management fees, trade finance/guarantee services and e-banking services, amongst others.
In addition, BIDV is running a specialised business consulting program with leading experts for wSMEs in order to enhance their knowledge on business operations, planning, financial management, financial analysis, cashflow and new products and services, with the aim of ultimately increasing their business results.
The “Covid-19 Relief Comprehensive Financial Program for wSMEs” is one of BIDV’s prompt solutions to support wSMEs, implemented concurrently with other wSME programs on digital transformation and non-financial solutions such as online training and business connections designed exclusively for wSMEs under the “National Financial Inclusion Strategy to 2025 and vision to 2030”.
