Industrial Bank issues more loans for small businesses

BEIJING -- The Industrial Bank Co Ltd, one of the leading lenders in China, continued support for smaller businesses with outstanding loans to them rising steadily during the first half of the year.

Outstanding loans to small and medium-sized companies totaled 1.52 trillion yuan (about $219 billion) at the end of June, up by 16 percent from the start of the year, the bank said.

The lender also increased inclusive finance lending to micro and small businesses during the period, with outstanding loans to these firms reaching 139.5 billion yuan at the end of June, up by 39 percent year-on-year.

Meanwhile, the bank cut the interest rate on loans to micro and small businesses, saving them over 500 million yuan during the first half.

The bank deferred loan repayments for 1,878 micro and small firms, freeing up 14.2 billion yuan to support borrowers through the coronavirus epidemic.