BEIJING, May 6 (Xinhua) -- The Industrial Bank issued 30 billion yuan (about 4.23 billion U.S. dollars) in special financial bonds for small business loans on Wednesday, aiming to help these firms resume work and production.
The bonds comprised 23 billion yuan of three-year offerings and 7 billion yuan of five-year offerings, with coupon rates of 2.17 percent and 2.67 percent, respectively.
Special financial bonds for small and micro-sized enterprises can further broaden production finance sources for these firms and reduce their financing costs, the bank said.
By the end of last year, the joint-stock commercial bank had a total of 81,700 clients with small business loans, with outstanding loans reaching 634.87 billion yuan.
Meanwhile, the balance of loans issued to micro and small businesses under inclusive finance services soared 37.01 percent year on year to 126.05 billion yuan.
To cushion the blow from the COVID-19 epidemic on smaller businesses, the lender has taken a slew of targeted policies to lower interest rates, establish green channels and strengthen the application of technologies.
So far, it has provided credit support worth more than 8 billion yuan for 426 medium and small firms during the epidemic prevention and control period. Enditem
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