ICBC boosts loans to small businesses in Jan.-May

Source: Xinhua | 2020-06-04

The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, provided 443.8 billion yuan (about 62.44 billion U.S. dollars) in inclusive finance loans to small businesses in the first five months this year.

The lender has raised the credit line for small businesses to 10 million yuan, and extended or renewed loans to about 30,000 small businesses, said Chen Siqing, chairman of the ICBC, at an online symposium with small businesses on Tuesday.

Among the bank's 7 million corporate customers, over 80 percent are small businesses, Chen said.

The ICBC will further boost inclusive finance loans, while lowering the financing cost for small businesses, he said.