Together with granting scholarships and presents to needy students, Mr. Tran Van Tinh’s family, Chairman of the Board of Directors, have recently lent funds to the poor so they can start up again in order to diversify the company’s charity programs.
For large numbers of the poor, starting their own occupation is not simple. The first difficulty is finding funds. For example, if they want to buy and sell lottery tickets, scrap material, vegetables, etc., they need funds first, and although the starting capital sometimes amounts to only a few hundred thousand VND, this is a difficult problem for these starters.
If they have to borrow some money from a monetary institution - a bank, for example - they usually have to pay it back at an interest rate of 2% a month, and therefore their profits will decrease. For this reason, Mr. Tinh's family decided to fund the poor to start up their own businesses. There is a total of 20 borrowers at this time, and each loan is worth 500,000 VND. Thanks to these zero-interest loans, the borrowers do not have to pay interest, and are able to pay back their loans when their living conditions become stable.
Talking about this charitable activity, Mr. Tinh's father said: “I’ve decided to loan funds instead of giving money because I want the borrowers to use their own motivation to work and strive. Before starting this kind of charity, in fact, I thought that some people may not be able to repay the loans. It does not matter to me. I only expect that the borrowers to invest the money correctly and to earn more income from those funds. Afterwards, we will use the money which they pay back to lend to other people and things will be done in that way.”
By constantly reviewing the ways of supporting the poor, Mr Tinh's family hopes that their charitable activities will become more effective and help in a lot of difficult situations in the future.
IMM Group
