Easier SME access to financing
Much progress was made in Shanghai’s inclusive finance sector in 2019, and small businesses and financial technology startups have enjoyed quality financial services, local regulators said.
Small and micro firms found it was easier to seek funding at lower costs, thanks to favorable lending policies, the Shanghai Bureau of the China Banking and Insurance Regulatory Commission said in a new report.
By the end of 2019, the balance of loans for private enterprises in Shanghai was 1.33 trillion yuan (US$187 billion), of which 385.9 billion yuan was channeled into small firms with less than 10 million yuan credit.
That marked a 25.9-percent year-on-year gain for funding to small enterprises, with the non-performing loan ratio standing at 0.97 percent, lower than the national average.
In 2019, the weighted average interest rate for loans to small and micro enterprises by domestic banks was 6.68 percent, down 0.9 percentage points from the beginning of the year.
Across the past year, financing channels have been diversified for small companies. Banks, insurers, securities brokers, financing guarantee companies, pawnshops and local asset managers are all geared to offering integrated services to small businesses.
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