Cash for small & micro
By Lilith Hu |
March 2, 2012, Friday
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Print Edition
Print Edition
SMALL and micro firms get bankrolled after China Minsheng Banking Corp and government agencies formed a new financial service entity in Shanghai's Changning District yesterday to support the cash-strapped small businesses.
The Shanghai-listed bank signed a 500 million-yuan (US$79.4 million) strategic cooperation pact with the Changning District Finance Office. The new entity has lent 17.3 million yuan to 14 the small firms, China Securities Journal said yesterday.
Eligible companies can borrow a maximum of 1.5 million yuan from the entity at annual interest rates of between 12-14 percent without collateral, said the newspaper.
The Shanghai-listed bank signed a 500 million-yuan (US$79.4 million) strategic cooperation pact with the Changning District Finance Office. The new entity has lent 17.3 million yuan to 14 the small firms, China Securities Journal said yesterday.
Eligible companies can borrow a maximum of 1.5 million yuan from the entity at annual interest rates of between 12-14 percent without collateral, said the newspaper.
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