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Billions of credit for small business
By Feng Jianmin |
August 31, 2012, Friday
|
Online Edition
Online Edition
TWO banks signed a deal with four Shanghai industrial associations today on a financial service fair to provide a credit line of 4 billion yuan (US$631 million) to small businesses, as part of the city's efforts to boost financing to the private sector.
The Bank of East Asia and the Bank of China have agreed to extend loans to innovative, animation and indoor cleaning companies.
Local financial industry insiders said small businesses are more likely to get funding from banks when gathered, such as via the platform of business associations, and Shanghai will set up more platforms to facilitate deals between small businesses and banks.
Gao Kaiyun, a senior official with Shanghai Federation of Industry and Commerce, said the federation has tied up with China Minsheng Banking Corp to expand capital channel for credit-thirsty small businesses.
Shanghai unveiled a two-day financial service fair today for small and medium enterprises to facilitate financing.
The fair has set up 160 exhibition stands for 143 companies in banking, securities, insurance, futures, guarantee, and small-sum lending sectors. More than 8,000 representatives from small businesses are expected to participate.
The Bank of East Asia and the Bank of China have agreed to extend loans to innovative, animation and indoor cleaning companies.
Local financial industry insiders said small businesses are more likely to get funding from banks when gathered, such as via the platform of business associations, and Shanghai will set up more platforms to facilitate deals between small businesses and banks.
Gao Kaiyun, a senior official with Shanghai Federation of Industry and Commerce, said the federation has tied up with China Minsheng Banking Corp to expand capital channel for credit-thirsty small businesses.
Shanghai unveiled a two-day financial service fair today for small and medium enterprises to facilitate financing.
The fair has set up 160 exhibition stands for 143 companies in banking, securities, insurance, futures, guarantee, and small-sum lending sectors. More than 8,000 representatives from small businesses are expected to participate.
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