| Agricultural Bank ups small business lending | |||
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By the end of October, the Ningxia branch of Agricultural Bank of China kept a loan balance of nearly 2 billion yuan (US$314 million) for the local small and micro businesses, up 305 million yuan from the beginning of this year – an 18.5 percent increase, Ningxia Daily reported. This year, the bank launched a one-stop approval protocol of small business loans at its 20 service centers and branches specializing in small business financing. The bank has begun to offer self-service revolving loans for small businesses and other innovative financial products and service modes. The bank also set a ceiling on floating interest rates for the businesses and exempted them of loan-related fees in a bid to reduce their financial burden.
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