Banks extend US$6b to small borrowers
Print Edition
Chinese banks have extended 37.1 billion yuan (US$6 billion) of loans to 6,626 micro and small businesses and farmers in Shanghai during the first half of this year, the Shanghai Bureau of the China Banking Regulatory Commission said yesterday.
Under the program that encourages lending to small companies and farmers, new loans of this type rose 10.5 billion yuan during the first half, the local banking regulator said in a statement yesterday.
The loans were made under a program organized by the regulator as the local government boosted measures to support small businesses amid the nation’s economic slowdown.
Meanwhile, the government launched a website, 91money.com, for small borrowers to browse for lending information, products and services as well as make inquiries and appointments.
“Internet finance will have a large impact on the traditional financing model,” Wei Jianing, deputy director at the State Council’s Research Development Center, said at a forum in Shanghai yesterday, adding that it’s a financial innovation.
Internet finance is booming in China as cash-strapped small companies need quick financing solutions, and lenders seek effective channels to locate quality customers.
Zhou Han, founder and chief executive of roadoor.com, a third-party online platform that provides loan solutions to small businesses and individuals, said matching borrower and lender online is more efficient than traditional loan brokers.
Currently, there are 30,000 account managers from Chinese banks and major foreign lenders in Shanghai who make use of the website to search for new customers.
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