Bắc Ninh
Motivation supports women to escape from poverty
Presenting “fishing rod”
Vi Thi Chuc (born in 1980) in Cau Da village, Quang Thinh commune (Lang Giang district) now raises 200 duck for eggs. She said: “In early 2018, the staff of TYM Fund in Lang Giang district instructed me to borrow 30 million VND (nearly 1,300 USD) with preferential interest rate of 0.33 percent for the poor households without any mortgage. I used the capital to build the cage to raise ducks for eggs and do small business”.
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Nguyen Thi Luong in An Ha commune receives supported expense to build humanitarian house from TYM Fund. |
Chuc saved the earned money to pay for the debt and investment, hence the life of Chuc and her child is much improved.
With such loan document as Chuc’s, the staff of TYM Fund visited the family to instruct about the procedure, verify and approve for it immediately. The simple procedure will be completed within 7 days. The loan is for the women members at the age of 18 – 65 who are living in the village and residential areas without any mortgages. The highest rate hits 50 million VND (2,100 USD) per loan.
The principal and interest should be return within 18 months. After clearing the debt, the members are able to apply for another loan. The method eases the disadvantaged women to access to the capital and have more motivation to overcome the difficulties to use the capital effectively.
Trinh Thi Phong (born in 1965) in Nguyen village, Voi town (Lang Giang district) is a poor household who benefited from the fund. She has lived on powder grinding and cake making for years. Thanks to the 30 million VND interest-free credit from TYM fund, she bought the flour-mil and filter which helps ease her work.
Her family has daily breakfast by the handmade cakes to help reduce a part of the living cost. Each month, Phong pays for both principal and interest as well as save an amount because TYM Fund receives saving amount as little as 5,000 VND.
Safe finance and social welfare
Apart from low interest loan, TYM Fund has recently instructed the low income and vulnerable women to save money from the “super small” amount.
The saving book of Nguyen Thi Quyen in Lo village, Tan My commune (Bac Giang city) gets bigger and bigger. Since 2014, when TYM launched in Bac Giang province, Quyen has saved her money from 5,000 VND per week in May then 10,000 VND per week after 3 months.
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TYM Fund was founded basing on 2006 Nobel Peace Prize of Bangladeshi citizen Muhammad Yunus. His founded Grameen bank provides the poor with small credit without any mortgage, 96 percent of whom are women. |
Saving money in the fund, she was instructed to manage and use money effectively. As of October 2019, she had 15 million VND (648 USD) in her saving book that was her dream figure.
Now, more than 1,800 women members in Bac Giang city and Lang Giang district make a loan from and save money in TYM Fund. To date, total balance of TYM Fund has hit 18 billion VND (777,700 USD); savings have reached 10.2 billion VND (440,000 USD), helping hundreds of women members to escape from the poverty and obtain capital for economic development.
Besides, TYM Fund actively launches social welfare activities such as presenting humanitarian house to poor and specially difficult women; providing free health examination to members; training on business, production, cultivation and breeding; organizing art and sport exchanges.
Director of Bac Giang branch of TYM Fund Hoang Manh Hung shared: “The Fund operates to link the women members and help poor women improve the living standard and reduce the black credit, hence providing them chance to access and use the capital effectively to escape the poverty and develop the economy. In 2020, TYM Fund will organize more activities for community, especially for women members with disabilities, HIV affected women or those live together with HIV/AIDS affected relatives”.
Tuyet Mai
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