Resolution 68: Unblocking credit for businesses

One of the important contents directed by Resolution 68 of the Politburo on private economic development is to promote and diversify capital sources for private economic development. This solution has created excitement in the business community and contributed to solving the difficulties that businesses have long had.

Commercial banks participating in the Bank and Business Connection Program. Photo: KT

"CAPITAL RUNNING" ENTERPRISES

Practice in recent years shows that lack and insufficient capital for production and business is always the top difficulty of many enterprises in Bac Lieu province. In particular, nearly 90% of small and micro enterprises have difficulty accessing credit policies, even special preferential credit policies, due to little or no collateral, lack of effective business plans and strategies, tax debts and even debts of policies for employees in participating in social insurance, health insurance, unemployment insurance... Especially when the season comes, enterprises often fall into a situation of "running for capital", even having to borrow capital from outside at high interest rates to "rotate" and pay contracts to partners... Therefore, promoting and diversifying capital sources for the private economy has opened up many new opportunities for enterprises to tap capital sources from credit institutions and be more proactive in building production and business plans, boldly cooperating and expanding production scale, markets and investing in new science and technology in production. Because Resolution 68 has directed ministries and branches to review and perfect credit mechanisms and policies for the private economy and have policies to prioritize a portion of commercial credit sources for private enterprises, especially small and medium enterprises, supporting industry enterprises, and innovative startups to borrow to invest in machinery, equipment, new technology, green transformation, digital transformation, export credit, and supply chain credit.

DIVERSIFICATION OF CAPITAL SOURCES

One of the tasks and solutions directed by Resolution 68 on credit in diversifying capital sources is to review the legal framework, perfect the model of credit guarantee funds for small and medium-sized enterprises at both the central and local levels; encourage the participation of financial institutions and large enterprises to guarantee loans of small and medium-sized enterprises; accept risks due to objective conditions and force majeure in guarantee activities; implement management according to overall objectives; prescribe reasonable financial reserve fund deduction levels, loosen conditions for granting guarantees compared to conditions for bank loans; have a mechanism to supplement resources and reasonable insurance policies to ensure system safety. Research on the establishment of a re-guarantee fund and models of cross-guarantee, co-guarantee... In particular, perfecting the legal framework and operating mechanism of the Small and Medium Enterprise Development Fund in the direction of expanding the subjects, simplifying, making transparent, and digitizing conditions, processes, procedures for receiving, appraising, lending and disbursing capital; Diversify capital sources from the state budget, contributions from domestic and international enterprises, organizations and individuals...; urgently add functions and tasks of investing in local investment funds and private investment funds to increase capital supply for small and medium enterprises, innovative startups; provide seed capital for startup projects, startup loans; build incubators and support startups. Encourage co-financing models of central, local, private funds and financial and credit institutions to share risks and increase preferential loans for small and medium enterprises.

Issue a controlled experimental legal framework on peer-to-peer lending and crowdfunding platforms to directly connect small and medium-sized enterprises with individuals and organizations providing capital. Connect and share information between banking systems, tax authorities and relevant agencies, ensure connectivity, share data on the operation and financial situation of enterprises, assess the creditworthiness and credit scoring of enterprises from credit institutions, financial funds and third-party credit rating organizations to increase lending to small and medium-sized enterprises, business households, etc.

KIM TRUNG

Source: https://www.baobaclieu.vn/kinh-te/nghi-quyet-68-khoi-thong-tin-dung-cho-doanh-nghiep-100865.html