Small businesses and individual business households are vital to Vietnam's domestic market. However, a VCCI report indicates that approximately 60% of businesses struggle to access bank loans, primarily due to a lack of collateral or unstandardized financial records.

To address this challenge, Vietnam Maritime Commercial Joint Stock Bank (MSB) has introduced a secured business loan package with new incentives and improvements, making it easier for small businesses and their owners to access capital for business expansion.

Streamlining the approval process

According to an MSB representative, a major hurdle for business owners has been the overlapping appraisal process and a 3-5 day waiting period for capital. To resolve this, MSB implemented an integrated "2-in-1" approval flow. A single application allows the system to simultaneously process capital requirements for both the small business and its owner. The review process is streamlined, with applications handled via one appraisal flow. As a result, approval time is shortened to about 8 working hours.

Customers only need to use one collateral asset for all loan requirements, reducing notarization procedures, asset valuation, and related costs. This is considered a key solution to ease the documentation burden for small businesses.

A teller assists a customer with procedures at the counter. Photo: MSB

Flexible credit limits

The loan package is designed based on the consolidated revenue of the small business and its owner. MSB allows businesses to mortgage assets for a credit limit of up to 6 billion VND, while also offering an additional 1 billion VND unsecured loan to supplement working capital.

Furthermore, to meet long-term investment and accumulation needs, business owners can receive a separate mortgage limit of up to 50 billion VND. This limit provides businesses with proactive capital for operations like seasonal inventory purchases, while also creating leverage for customers to pursue personal financial plans such as home purchases, asset accumulation, or reinvestment.

An MSB representative stated that this approach helps businesses maximize their financial capacity and seize business opportunities, rather than being limited by stringent criteria like audited financial statements, which many small businesses cannot yet meet.

Added value from the MSB ecosystem

Beyond capital solutions, MSB also provides a comprehensive support ecosystem to enhance customer competitiveness. The bank offers loan interest rates for small businesses starting from 6,9% per year and for business owners from 6,5% per year, accompanied by a principal grace period of up to 36 months.

Additionally, MSB offers other services for this segment, such as: QR code, POS payment solutions, and the Merchant App for transaction management. Notably, the "feng shui lucky number" account service provides a refund of up to 12 million VND for businesses, while owners receive a 50% reduction in registration fees and enjoy an interest rate of up to 5,8% per year. Customers are supported by a team of relationship managers (RM) throughout the loan application and cash flow management processes.

According to an MSB representative, combining credit solutions with payment and cash flow management tools aims to help small businesses improve their access to capital and enhance financial management capabilities amidst digital transformation.

Minh Ngoc

Readers interested in financial solutions for small businesses and business owners can contact the hotline: 1900 6083.