LENDING & CREDIT | Cesar Tordesillas, China

ICBC extends RMB 4.7B petty loans to county households in 2011

ICBC provided personal petty loans to over 12,000 individual industrial and commercial households in the counties in 2011, totaling RMB 4.7 billion.


On average, each individual industrial and commercial household receives around RMB 370,000, for their ad-hoc working capital, as well as the healthy growth of county economy.

China has 2800+ counties. Total area of counties makes up 93% of China's territory, and total population of counties is 73% of China's total population. Their economic development potential is huge, said an executive with ICBC.

Study found out that many individual industrial and commercial households generally lack collateral/pledge to secure loan in the conventional way, a constraint to the fast growth of private enterprises in the counties.

Last year, in light of the financial services required by this important group of customers, ICBC developed and launched the personal petty loan - a loan product featuring diversified guarantee options, unique customer evaluation and flexible repayment options.

The new loans provide timely and effective financial support to many individual industrial and commercial households with good business conditions and good credibility.

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