This is the opinion of Mr. Nguyen Hoang, Co-founder and CEO of Buymed - a start-up in the field of e-commerce, shared at the Banking Innovation For Startups conference organized by Orient Commercial Bank ( OCB ) and Genesia Ventures Investment Fund, on the afternoon of July 18.
According to Mr. Nguyen Hoang, in the past 10 years, he has never observed investment capital from credit institutions and domestic investors flowing strongly into start-ups like now. Many banks are open and willing to provide loans for start-ups. This is a great opportunity for start-ups to mobilize capital from banks at a much lower cost than calling for capital from international investment funds.
"Currently, the company needs about 400-500 billion VND in capital and if it can access low-cost credit capital, it will create favorable conditions for business operations," said Mr. Hoang.
Mr. Nguyen Hoang (2nd from left) at the conference
At the conference, experts shared about the mechanism and innovative thinking of banks when supporting capital for start-ups, and the opportunity to take advantage of financial resources from banks specifically for this segment.
Why are banks bold in lending to startups?
Mr. Pham Hong Hai, General Director of OCB, said that the bank is focusing on small and medium enterprises (SMEs), especially start-ups because of their great development potential. For start-ups, the bank will have to introduce very specific credit policies.
"We will look at the model, business plan, experience and management style of the founder, plus evaluate the stability of cash flow... OCB accompanies the long-term view that a start-up may be small today, but can be a unicorn in the future and this requires a long-term commitment between the parties" - Mr. Hai said.
In recent years, OCB has cooperated with investment funds invested by AOZ in Vietnam - typically Genesia Ventures to deploy comprehensive financial solutions specifically for this segment. Typically, the unsecured working capital loan product, financing is mainly based on cash flow and assets formed in the future.
Mr. Yoshizawa Toshiki - AOZ representative, OCB Board Member, emphasized the role of banks in facilitating businesses' access to green capital, promoting lending forms based on cash flow and business plans. Aozora and OCB will continue to accompany the startup ecosystem and the small and medium enterprise community in Vietnam.
Source: https://nld.com.vn/chua-bao-gio-start-up-de-vay-von-nhu-bay-gio-196250718190113993.htm
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