OREANDA-NEWS. June 20, 2014. ICBC has been actively promoting the implementation of big data and IT strategy in the banking services for micro and small-sized enterprises in recent years, enriching the credit product system for micro and small-sized enterprises and improving its services with hi-tech financing products.

ICBC’s online financing products for micro and small-sized enterprises include “E-revolving Loan” which focuses on internet-based financing, and micro-sized online merchant financing and e-supply chain financing which focus on emerging areas of e-commerce, offering multi-level and diversified financing services for micro and small-sized enterprises of different types and at different growth stages. Since its launch at the end of 2009, the “E-revolving Loan” has accumulatively provided RMB1.2 trillion credit support for 59,000 micro and small-sized enterprises.

“E-revolving Loan” is a self-service revolving loan service customized for micro and small-sized enterprises. “E-revolving Loan” best caters to the short-term, frequent and urgent financing needs of micro and small-sized enterprises, as they only need to sign one borrowing contract to complete the entire process from application to cash withdrawal and repayment anytime and anywhere during the validity period of the contract. As “E-revolving Loan” is highly efficient and accrues no interest if no cash withdrawal is made, businesses can choose to borrow and repay at will depending on low and peak sales seasons, which has effectively reduced their financing cost and met their sporadic and cyclical financing needs.

Meanwhile, ICBC has also developed online financing product for micro-sized enterprises and individual merchants engaged in business on third party e-commerce platforms to meet their small-amount online financing needs. ICBC has also developed new e-supply chain financing product for micro and small-sized enterprises at the upstream and downstream of core large enterprises, transferring the credits of core enterprises towards upstream and downstream while realizing self-service, convenient and cross-regional financing so that the micro and small-sized enterprises can have timely access to loans through interactive maintenance of logistics and fund flow information even if they do not have real property as collateral.