商贸英语|Bank to Increase Loans to SMEs

Bank of Beijing promises here Thursday to increase 30 billion yuan loans to the small and medium-sized enterprises in the next three years.

The bank source said the decision was made in accordance with a cooperation agreement on supporting SME development signed by Beijing municipal development and reform commission on Wednesday.

The increase will chiefly go to the short-term loans.

In line with the agreement, Beijing municipal development and reform commission will establish a financing service platform to enlarge the financing channels for the SMEs.

All the SMEs registered at the municipal industrial and commercial administrative^{1 department running for more than one year can apply for the loan via Beijing SME website www.smebj.gov.cn.}

The commission will also organize Bank of Beijing and some guarantor bodies to provide services including consultation^{2 and training to the small and medium enterprises which find it difficult to acquire the loans.}

Beijing has 698,000 small and medium-sized enterprises by the end of 2004, creating jobs for 75.8 percent of the city's population and contributed 50.8 percent of the gross output value last year