Dutch development bank FMO to fund TYM with $10 million

Dutch development bank FMO to fund TYM with $10 million

The Dutch entrepreneurial development bank FMO is proposing $10 million financing for Tinh Thuong One Member Limited Liability Microfinance Institution (TYM).

Photo: TYM

According to the disclosure on September 2, TYM is one of the largest microfinance institutions operating in Vietnam with a geographical focus on the north and central regions of the country.

Targeting rural, female microentrepreneurs, TYM's vision is to provide financial services to low-income individuals. TYM provides unsecured loans and savings products to more than 228,000 customers through 23 branches and 51 transaction points.

Additionally, TYM provides free health checks, capacity building for its customers, scholarships and various other community activities.

FMO will provide a $10 million equivalent loan in VND with a tenor of five years. The funding supports TYM's growth, enhancing access to finance for microentrepreneurs in rural areas.

The project aims to improve access to finance for underserved borrowers who need credit assistance to support their income-generating activities.

Providing financial products to poor households, near-poor households, women from poor households, women from near-poor households, low-income women, low-income households, and microenterprises, primarily in rural areas, combined with non-financial services, enables TYM to make significant contributions to promoting financial inclusion and reducing inequalities, and aligns strongly with FMOs strategy.

This investment aims to support activities that contribute to gender lens investing and inclusive growth contributing to the United Nations Sustainable Development Goals.

VIR