Credit help
October 1, 2011, Saturday
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Print Edition
Print Edition
NANDA Small Loan Credit Co has become the fourth private credit agency to open in Minhang District as part of a Shanghai government initiative to encourage more lending to small businesses strapped for cash and unable to get normal bank loans.
The new company, located in Dushi Road in Xinzhuang area, registered with capital of 50 million yuan (US$7.6 million). Officials with the Shanghai Financial Services Office have said they hope to have 100 of the small credit agencies licensed and operating by the end of the year in the city. As of the end of July, there were 64 already operating.
Loans issued by those companies generally were short term, averaging seven months and carrying average interest rates of about 17 percent. Credit terms are generally more flexible than those offered by banks.
The new company, located in Dushi Road in Xinzhuang area, registered with capital of 50 million yuan (US$7.6 million). Officials with the Shanghai Financial Services Office have said they hope to have 100 of the small credit agencies licensed and operating by the end of the year in the city. As of the end of July, there were 64 already operating.
Loans issued by those companies generally were short term, averaging seven months and carrying average interest rates of about 17 percent. Credit terms are generally more flexible than those offered by banks.
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