In order to promote the development of private economy, Chongqing Rural Commercial Bank (CQRC Bank) allocates 10 billion yuan, including 2 billion yuan loans for micro-sized enterprises, from its credit budget this year to meet the financing need of small and micro-sized enterprises, according to Chongqing Rural Commercial Bank on August 12, 2012.
Since financing difficulty has long been the obstacle that stunts the development of small and micro-sized enterprises, Chongqing Rural Commercial Bank strengthens its effort in supporting private businesses like small and micro sized enterprises this year. Fifteen percent of the interest on loans of micro-sized enterprises will be rewarded to lending officers, and the tolerance for bad loans of micro-sized enterprises will be lifted to 5%. At the same time, preferential loan interest rate will be provided for well-developed small and micro-sized enterprises with good credit records. And those micro-sized enterprises will be also able to enjoy benchmark interest rate and simplified loan procedure in their business start-up loans application.
Chongqing Rural Commercial Bank has also set special petty loan centers in its 14 sub-branches in Jiangbei, Beibei, Jiulongpo, etc.