Preferential capital to support young entrepreneurs

Accompanying young people to establish themselves and start a business, recently credit institutions in the province have provided preferential loans to invest in economic development. This capital has helped many young people realize their dream of starting a business in their hometown.

Diep Thi Thao Trang and Nguyen Quoc Tuan (Nam Ha village, Binh Duong commune, Thang Binh) successfully started a business with organic agriculture and experiential tourism. Photo: VIET NGUYEN

Support preferential loans

Quang Nam Cordyceps Mushroom Cooperative (2 production facilities in Phu Binh and Phu Thanh villages, Tam Phu commune, Tam Ky and 1 showroom at 22 Thach Lam, Tam Ky city) is a pioneer in the startup trend of the province.

The cooperative's products such as cordyceps tea bags or freeze-dried cordyceps are both 3- and 4-star OCOP products and typical rural industrial products of the province.

Mr. Nguyen Thanh Luan - Director of Quang Nam Cordyceps Mushroom Cooperative said: "During the initial difficulties when starting my business, I was lucky to receive a loan of 500 million VND from the Quang Nam Cooperative Development Support Fund to invest in a factory, buy machinery and equipment for production. I, like other young entrepreneurs, have determination, dynamism and creativity, but if I do not receive low-interest capital, it will be difficult to make a success of it."

Up to now, Quang Nam Cordyceps Mushroom Cooperative has produced about 25kg of mushrooms/month, with revenue of hundreds of millions of VND, bringing stable income to members and workers. Mr. Luan has also transferred production processes and technology to 10 establishments in and outside the province.

“This was not an easy decision at first because it was difficult to share my startup secrets with others. I decided to transfer it because I wanted to help many young people start their own businesses,” said Mr. Luan.

According to Mr. Luan, Quang Nam Cordyceps Mushroom Cooperative owns a high-tech dryer - freeze-drying, thanks to which the mushroom products retain their nutrients, shape, color, and ensure 100% organic purity... He said he will continue to research to increase production scale to conquer demanding markets.

Quang Nam start-up has left a strong mark of companionship and support from the Cooperative Development Support Fund. Director of the Cooperative Development Support Fund - Mr. Nguyen Huu Ngo said that the current capital for start-ups is approximately 29.4 billion VND out of a total of 97 billion VND in outstanding loans with 38 cooperatives at the loan level of 500 million VND to 1 billion VND. The capital for start-up loans has almost no overdue debt or bad debt.

From the policy credit pedestal

From preferential loans from the Quang Nam Branch of the Bank for Social Policies, many young people in the province have made larger investments in production, reaping many results in the process of establishing themselves and their careers.

Like the couple Diep Thi Thao Trang and Nguyen Quoc Tuan (Nam Ha village, Binh Duong commune, Thang Binh) both graduated from graduate school, had stable jobs and then switched to starting a business with organic agriculture and experiential tourism.

Ms. Trang’s fruit and vegetable products have been well received by consumers in and outside the province. The organic agricultural production site in Binh Duong commune also attracts many tourists, especially students.

“I am satisfied with my start-up process. The results I achieved were greatly assisted by the preferential loan of 100 million VND from the Transaction Office of the Social Policy Bank of Thang Binh District,” said Ms. Trang.

Ms. Bui Thi Tuyet Nhung (An Phu Ward, Tam Ky) has succeeded with her start-up model by “awakening” the values of the wild noni fruit. Exploiting the medicinal values of the noni fruit, Ms. Nhung has created many products such as dried noni slices, noni powder or noni tea bags. The products are being expanded in the domestic market and gradually exported.

Mr. Tran Quoc Tuan - Director of the Transaction Office of Thang Binh Social Policy Bank said that realizing that young people are in great need of preferential capital for starting a business, the unit has coordinated with the District Youth Union to propagate and guide the use of capital for youth union members. Up to now, the capital channel for young people to start a business has been smooth.

Mr. Hoang Thanh Lan - Head of Planning - Credit Operations Department (Quang Nam Branch of the Bank for Social Policies) said that in recent times, the unit has implemented many synchronous solutions to bring policy credit to young entrepreneurs. The production and business of young entrepreneurs sometimes encounter difficulties, which are promptly resolved by the bank.

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