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SubscribeEmail a FriendSmall-credit company starts by issuing loans

Small-credit company starts by issuing loans

2008-11-18 9:59:25

Shanghai's first small-credit company was launched yesterday and started issuing loans as part of the city's moves to help small enterprises withstand the economic downturn.

Shanghai Baoshan Baolian Small-Credit Co issued credit of 300,000 yuan (US$43,924) to a rural entity and another 500,000 yuan to a telecommunications company.

Baolian Small-Credit, with a registered capital of 50 million yuan, targets the rural industry and small enterprises in northeastern Baoshan District.

Baolian, set up by eight private companies, is among 13 small-loan companies that have been approved by the city's financial regulators.

Tu Guangshao, Shanghai's vice mayor supervising the financial sector, attended the launch of Baolian Small Credit to demonstrate the city is going all out to financially support small businesses.

Shanghai allows investors to set up small-sum loan companies in the city's 10 districts or counties and approval for the first batch of entities was given earlier this month.

Most of the investors in these small-credit companies are private entities with strong capital bases.

Cash flows

The companies can't take public deposits but are encouraged to make loans to rural entities and mini-sized enterprises in the area they are located.

Small enterprises have been hard hit by the economic slowdown with cash flows tightening.

Baolian Small-Credit will focus on launching short-term credit, over one or two months, to help small enterprises overcome tight cash flows. The rural industry will account for about half its business, Li Yueru, general manager of Baolian Small-Credit, said yesterday.

"We are not competing with commercial banks but are supplementing the financial industry. We're pleased to act as a bridge between clients and commercial banks," Li said.

The company, whose key management team is from the banking industry, will also offer consulting services for small business clients to get loans from commercial banks.

Small-credit companies are competitive in the financial industry through being able to quickly respond to market needs.

Baolian can issue credit within half a day for good-quality clients.
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