The Ministry of Finance has issued Circular No.119/2015/TT-BTC to guide financial management mechanism of Small and Medium-sized-Enterprises (SMEs) Development Fund.
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The Ministry of Finance has issued Circular No.119/2015/TT-BTC to guide financial management mechanism of Small and Medium-sized-Enterprises (SMEs) Development Fund.
Non-profit operationThe fund, a non-profit State financial organization, is aimed at providing financial assistance for objects stipulated at Decision No. 601/QĐ-TTg.
Based on the Circular, the Fund has its charter capital of VND 2,000 billion covered by State budget.
The annual capital supplemented to the fund is collected from non-refundable aid and contributions of domestic and foreign individuals and organizations and the allocations and loans of foreign and domestic individuals and organizations.
The fund is responsible for managing and using the capital effectively, purchasing asset insurance and other insurances as regulated and closely following the regulations on capital, deadline and interest rate for loans.
Lending interest rates
Lending interest rates shall not exceed 90% of commercial lending interest rate, which is defined based on average lending interest rate of State commercial banks including the joint stock commercial Bank for Foreign Trade of Viet Nam, Viet Nam Joint Stock Commercial Bank for Industry and Trade, Bank for Investment and Development of Viet Nam and Viet Nam Bank for Agriculture and Rural Development.
The Circular will take effect on October 1, 2015 and be applicable from the financial year 2015.
(Source:VGP)
