Credit program breaks bottleneck for enterprises
Print Edition
Nine small enterprises have been approved for credit after they joined a program issued by the Jiading branch of Bank of Shanghai and East Automobile Accessory Market.
Ten small enterprises have been included in the program so far. And the practice is expected to be expanded to other markets in the district.
The bank issues loans according to the credit and annual sales of the enterprises. The program aims to make it easier for small enterprises to get bank loans and expand their business.
The enterprises joined the program after submitting risk deposits, a fifth of the loan amount, and the deposits will be kept by a third party.
The program serves as a key to break a bottleneck in the development of small enterprises.
“The program helps us to apply for loans and changes the incompatibility of information between the banks and enterprises,” said Shi Weimin, vice president of Shanghai Posway Investment Co.
“For those dealers for Volkswagen only, they can now become agents for Benz and BMW,” Shi said.
“For us it’s a timely help, and we can expand our business this year,” Lin Yan, general manager of Shanghai Tongzhong Trade Co Ltd, said. After getting a 2 million yuan (US$330,000) loan, she can work as an agent for some new producers. “With the program, we can not only expand into new business areas but also reduce purchasing price with real time settlement,” Lin Yan said.
Lu Junyong, executive director of Shanghai Yuzhong Trade Co Ltd, had a similar experience when he received a loan of 5 million yuan.
“With faster liquidity, we can make more profits in the future,” Lu said.
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