OREANDA-NEWS. June 27, 2011. Beginning from this year, ICBC leverages its competitive loan product offerings and IT strength to embark on aggressive growth for "Online Loan Link" service, an online solution for small enterprises to obtain loans "in a short time, in a frequent and quick fashion". By end-May, 2011, ICBC has disbursed RMB 136.7 billion of "Online Loan Link" loans to 23,000 small business owners. "Online Loan Link" is a highly efficient, convenient service for small enterprises to apply for loans, representing a new market for ICBC in this business segment and providing strong support to the growth of small enterprises.

As related, "Online Loan Link" is an ICBC service for small and micro enterprises to apply for revolving loan online by themselves. Customers only need to sign revolving loan contract with ICBC one time. After that, they can draw or repay loan through Internet Banking during the validity period of the contract. All processing is done automatically by the system. Loan amount is credited into account in real-time, no restriction on where and when to apply. Up to RMB 30 million can be borrowed in one loan. "Online Loan Link" is a product where online loans are "available anytime, anywhere, borrowed and repaid whenever".

Industry insiders said that companies doubt if they can get bank loan on time since it takes long period to apply, as in usual case. In the end, they prefer to borrow enough for the whole year. Yet this creates idle funds and moves up the financial cost of the company since the demand of funds is intermittent and periodic. ICBC "Online Loan Link" is a product of "credit facility in full amount, highly efficient, apply freely, no drawdown, no interest calculated", which translates to large financing cost savings for small enterprises leaving them without a worry, and an improvement in the efficiency and level of financing service.

The next step of ICBC, according to an executive with the Bank, is to capitalize its technological advantages for online financing to introduce innovative financing products to address the issues encountered by the small enterprises engaging e-commerce and online trade in a bid to better support their healthy growth.