Xinjiang loans for impoverished families
Print Edition
THE Xinjiang regional people’s government has started offering small loans to the poor and encouraging people to start their own businesses.
Xinjiang will offer a maximum of 50,000 yuan (US$7,521) for every impoverished household, free of mortgage or guarantee, Wang Yanlou, deputy director of the regional Finance Department, said yesterday.
Applicants can obtain the loans a week after they apply, and can reapply after three years again, he said. The regional government has ordered lower governments to establish a special fund to support the new credit policy, he said.
About 2.61 million people in Xinjiang — less than 10 percent of the region’s population — live in poverty. A shortage of funds is a major obstacle, Wang said.
“Banks usually demand guarantees or mortgageable assets, thus barring a great number of people from getting the money they need,” he said.
Most households have nothing to mortgage and cannot find anyone to vouch for them.
“We want to use the loans to encourage people to start their own businesses and find proper means for living,” he said.
Amatgang Sidiq, a 38-year-old sheep farmer in Akto county, said the loan can help him raise more livestock. He suffered losses during a steep fall in sheep prices in 2014.
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