Harbin Bank issues 700 mln in small business loans

Beijing (CNS) -- Harbin Bank, one of the most important commercial city banks in north China, released loans valued at 350 million yuan to small and micro enterprises on Monday, and plans to lend another 350 million yuan this week.

Thirteen branches of Harbin Bank along with their headquarters in Harbin city, held simultaneous ceremonies to give out the loans on Monday in Chongqing, Tianjin, Dalian, and other sites.

At present, Chinese commercial banks enjoy all kinds of favorable government measures to encourage financial support of small and micro businesses, but to offer loans of 700 million yuan to these economic targets within such a short period is an uncommon act.

A source from Harbin Bank said they started to focus on this line of borrower in 2004, and now hope this additional and high-profile support will incent other banks to back micro and small business ventures.