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Financial support for small farming companies

DATE:2015-02-10       SOURCE:China Daily
 

Pingyao county, Shanxi province has found it difficult to finance its economic development for quite some time giving local authorities a headache, so the Pingyao Agricultural Bank took action this past year, especially for farm-related and micro-to-small companies, by changing its credit structure and loan applications.

 

By the end of 2014, the bank reserved capital reached 5.8 billion yuan ($900 million), and loans amounted to 3.5 billion yuan, according to the bank president, Wang Junfeng, who added that, now that the local economy is undergoing adjustments, the bank will continue its support.

 

This year, the bank plans to issue 5.5 billion yuan in loans and, according to Wang, "We'll put 10 million yuan into agriculture, farming development, breeding and processing, and another 400 million yuan into micro- and small companies and our branches will provide more financial services for local farmers."

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