12/19/2012 1:22:00 PM
NEWS BRIEFS
Chinese Fastener Manufacturers Receive Fresh Capital
Zhenhai Fastener Industry Association members received a 50 million Yuan (US$8 million) credit line to help with operating funds, ChinaFastener.com reports.
Hampered by industrial restructuring and global economic uncertainty, fastener manufactures in Zhenhai District in China sought access to more capital.
“Solving the problem of shortage of funds has become the important task to boost confidence in the enterprise development”, said Mr. Xu Li, vice chairman of the Zhenhai District Federation of Industry and Commerce and president of the Zhenhai Fastener Industry Association.
“After negotiating with Zhenhai District Federation of Industry and Commerce for many times, head office finally approved the credit line of 50 million Yuan, which opened finial channels, expanded the range of collateral, and relaxed the conditions to allow mortgage of chattel equipments and vehicles,” said Pan Hongwei, president of BOC Fullerton Community Bank president.
Association members who apply for funds will receive a loan of 2 to 3 million Yuan (US$321,000 – $481,362).
BOC Fullerton Village Bank and Zhenhai Fastener Industry Association signed the memorandum of credit extension in the SME bank-enterprise exchange meeting, according to ChinaFastener.com. ©2012 GlobalFastenerNews.com
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