CQRC Bank supports small and micro enterprises with 10 billion yuan

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.

Huang Xiqin