Mr. T.Anh, owner of a convenience store and student cafeteria in Hanoi, shared his previous struggles with accessing business loans: “I had applied for a business loan before, but had to go through multiple layers of approval and submit numerous documents for verification, only to be rejected in the end. I must say that I missed out on business opportunities because I had already made plans and placed advance orders. When the suppliers arrived the next day, I had to cancel due to insufficient funds.”
Due to his inability to secure loans from banks, Mr. T.Anh’s sourcing options were limited. He explained: “During the recent stockout, I had to leave the shelves empty. At night, I would take inventory of my remaining funds and go to the market the next morning to buy small quantities to fill the gaps. If I had the financial means, I would purchase from suppliers directly, which would be more cost-effective and offer a wider range of products, along with discounts and promotions.”
In reality, many small business owners like Mr. T.Anh want to circulate their capital to import more goods and seize the opportunity to sell during the Tet holiday. However, they often resort to high-interest informal loans for quick disbursement, which can lead to a vicious cycle of debt. Mr. T.Anh expressed his concerns about this issue: “Resorting to informal loans is only a last resort when there are no other options, and even then, it should be for a short period.”
High-interest informal loans pose significant financial risks. Image: KiotViet
Unlocking Capital for Small Businesses with a Support Package worth VND 1,000 Billion
Recognizing the challenges faced by small businesses, KiotViet and MB have joined forces to create a unique “path” for medium, small, and micro-enterprises to access business capital more easily.
Specifically, MB and KiotViet are in the process of disbursing a support package worth VND 1,000 billion. Small business owners who are KiotViet customers can apply for loans of up to VND 300 million quickly, without collateral, and with online disbursement through the MBBank App. The loan term can be up to 12 months, with attractive interest rates. Additionally, customers receive dedicated consulting support from KiotViet and MB experts.
Mr. T.Anh, after receiving financial support through the MB and KiotViet program, excitedly shared: “At the beginning of the school year, I needed a large amount of capital to import goods to serve the students. Before the loan, my store looked empty. Now, with the capital, my shelves are fully stocked, and I always ensure a reserve of goods for daily sales. I applied for a loan through KiotViet and MB, and they provided enthusiastic and quick support. The process was also simpler because I am a KiotViet shop owner, which gave me priority for approval.”
Mr. T.Anh’s shelves are now fully stocked after receiving financial support. Image: KiotViet
Ms. Ngoc T., owner of an imported fruit store in Hanoi, was also among the shop owners who benefited from the KiotViet and MB program. She shared: “At this point, I needed quick capital to import goods in time for the Tet holiday since my products are imported fruits, which are expensive yet limited in quantity. I learned about the support package offered by KiotViet and MB and immediately applied for a loan. The application process was swift and convenient, with disbursement completed within 2-3 days. The staff were very supportive and enthusiastic.”
KiotViet has also implemented a solution to accurately, thoroughly, and meticulously assess the loan eligibility of its customers. This enables the bank to easily select qualified borrowers, reducing the risk of overlooking eligible candidates in traditional lending processes. Simultaneously, small businesses can more easily access bank capital.
From now on, small business owners don’t have to resort to high-interest informal loans to import goods for the Tet holiday. The support program offered by KiotViet and MB eliminates the need for collateral and stringent loan requirements. Additionally, merchants are prioritized for faster disbursement, twice as quick as the standard process, through online channels. This enables them to access capital quickly during this critical year-end period and improve their business performance.
The ROE Race: Q3 2024 Bank Rankings Unveiled. HDBank Maintains Lead as MB Closes in on ACB, with Techcombank Making a Strong Comeback.
In less than a year, the ROE rankings of commercial banks have witnessed significant fluctuations and divergences. Within the large bank cohort, HDBank retains its leading position, closely followed by MB and ACB, while Vietcombank, Techcombank, and VPBank are anticipated to demonstrate robust recoveries.
“Appointment of Deputy General Director at OceanBank”
The Military Commercial Joint Stock Bank (MB) has appointed Mr. Le Xuan Vu, a member of the MB Executive Board, as MB’s representative and Vice Chairman of OceanBank.
“A Double Win for MB at the IR Awards 2024”
Military Commercial Joint Stock Bank has been recognized for its outstanding achievements in investor relations (IR) with a prestigious award. The bank’s dedication to implementing best practices in transparent disclosure and effective, professional IR activities has earned it the second-place honor at the esteemed IR Awards 2024.
“Aqua City: The Novaland Mega-Project that MB Bank is Backing with an Additional VND 1,100 Billion”
Military Commercial Joint Stock Bank (MB) has pledged to disburse a package of VND 1,100 billion to Aqua City Township Limited Company, the investor of Aqua City project and direct contractors of the project in accordance with the progress.
“MB and Vietnam Healthcare Union Sign a Memorandum of Understanding”
On September 10, in Hanoi, Military Commercial Joint Stock Bank (MB) and the Vietnam Health Trade Union signed a comprehensive cooperation agreement to launch a “Benefits Program.” This program aims to offer financial products and services to union members in the healthcare industry nationwide, thereby enhancing the benefits and welfare of healthcare workers.
