Raise loan levels for SMEs, cooperatives and workers from November 8, 2019

02/10/2019

The Government promulgates Decree No. 74/2019/NĐ-CP on amending and supplementing a number of articles of Decree 61/2015/NĐ-CP providing policies on job creation support and the National Fund for following the direction of raising the preferential loan rate from the National Fund for employment to small and medium enterprises (SMEs), cooperative groups, business households and labourers.

Decree No. 61/2015/NĐ-CP stipulates that the National Employment Fund is used for preferential loans to SMEs, cooperatives, cooperative groups, business households (production, trade facilities) and workers to create, maintain and expand jobs.

Regarding the loan level for production and business establishments, Decree 61/2015 / NĐ-CP stipulated that the maximum loan level for a project is VND 1 billion and must not exceed VND 50 million for 01 employee who is employed. For the labor, the maximum loan amount is VND 50 million.

The above loans have been raised in Decree No. 74/2019/NĐ-CP. Specifically, for production and business establishments, the maximum loan amount is VND 2 billion / project and does not exceed VND 100 million for each employee who is created, maintained and expanded job. For employees, the maximum loan amount is VND 100 million.

In addition, the loan term is also increased from no more than 60 months to a maximum of 120 months.

Regarding the conditions for loan security, Decree 74/2019 / ND-CP stipulates that for a loan of VND 100 million or more, business and production facilities must have loan-security properties in accordance with law on secured transactions.

Regarding loan interest rates for production, business establishments and laborers (in Clause 1, Article 12 of the Law on Employment), Decree 74/2019 / NĐ-CP amends in the direction of increasing from the lending interest rates for poor households to be equal to lending interest rate for near-poor households.

In addition, the Decree also amends a number of other contents related to conditions of loan security for employees who borrow preferential loans to work abroad under contracts; mobilizing capital for lending to support job creation, job maintenance and expansion, support workers to work abroad under contracts...

The Decree takes effect from November 8, 2019.

Source: chinhphu.vn

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