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Anhui's Small, Micro Firms Benefit from Favorable Banking Policy
Anhui's Small, Micro Firms Benefit from Favorable Banking Policy2015-06-29

The local branch of the Postal Savings Bank of China in east China's Anhui Province has introduced a pilot loan policy, in which relevant governmental bodies, banking branches and guaranteed enterprises can jointly share risk securities on loans, to better help small and micro businesses. The move will help these businesses when they are applying for financial assistance from the bank to further the development of their businesses, under current social circumstances. The new policy has been in place since last December.

According to the policy, if involved firms or individuals default on their payments of a loan up to 20 million yuan (U.S. $ 3.2 million) from banking sectors, policy-based financial institutions, the Anhui Credit Guaranty Group, banking branches and governmental bodies will take a collective yet separate share (40%, 30%, 20% and 10% respectively) in the repayment of debts on behalf of the above-mentioned enterprises or individuals.

Meanwhile, the Anhui branch of the Postal Savings Bank of China has maintained close contact with local governmental bodies, policy-based financial institutions and other shareholders to monitor target firms and other beneficiaries in their business operations and capital flow, which will be conducive to their future loan applications. Furthermore, the involved enterprises or individuals will get their loan within 11 working days, after they present their application documents to bank branches.

So far, nearly 150 firms have benefited from the policy and received financial loans totaling 600 million yuan (U.S.$ 96.7 million), which has greatly help them to resolve capital shortfalls in their business operations. For instance, Anhui Fozi Flour Co., Ltd. used to frequently suffer from financial insufficiency in the prime times of wheat purchasing, since it lacked sufficient current funds yet was unable to receive bank loans. However, it easily got a loan of 5 million yuan (U.S. $ 805,00) this May, greatly assisting it in the purchase of wheat.

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