Lifeline for Changning small firms
By Zhang Fengming |
January 20, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI Changning East Hongqiao Small-Sum Credit Co started business yesterday when it signed a deal with Changning District's science commission to offer capital to small high-tech firms.
The company, with a registered capital of 100 million yuan (US$14.64 million), is set up by nine private firms to help small businesses in the district which have difficulty raising capital.
The Shanghai government allows more than one credit company to be set up in the district to meet rising demand from small businesses. The small-sum credit companies were first set up in rural districts and later expanded citywide in 2009.
Districts in Shanghai offer preferential policies to private investors to establish small-credit companies to boost the local economy.
Small-credit firms can offer short-term loans of a maximum one-year duration but in most cases, their loan maturity is one month.
They can also charge higher interest rates than banks, as their credit-issuing procedures are more flexible and geared toward small firms.
The company, with a registered capital of 100 million yuan (US$14.64 million), is set up by nine private firms to help small businesses in the district which have difficulty raising capital.
The Shanghai government allows more than one credit company to be set up in the district to meet rising demand from small businesses. The small-sum credit companies were first set up in rural districts and later expanded citywide in 2009.
Districts in Shanghai offer preferential policies to private investors to establish small-credit companies to boost the local economy.
Small-credit firms can offer short-term loans of a maximum one-year duration but in most cases, their loan maturity is one month.
They can also charge higher interest rates than banks, as their credit-issuing procedures are more flexible and geared toward small firms.
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