OREANDA-NEWS. September 01, 2014. In 2014, ICBC has continued to refine its service for small and micro businesses. Targeting at POS acquiring merchants, the Bank innovatively introduced the “Easy Loan Corporate Card” for small and micro enterprises by leveraging big data technology, in a bid to help those enterprises expand financing channels. As at the end of June, ICBC has provided credit of RMB 3.33 billion to nearly 4,000 small and micro enterprises through this product.

According to an ICBC official, the “Easy Loan Corporate Card” for small and micro enterprises is a corporate credit card for small and micro merchants with POS acquiring business. It represents an uncovered and unsecured petty loan product with revolving line of credit that can be repaid by installments. ICBC sets credit line of merchants based on their POS acquiring income. Within the credit line, merchants can cover operating expenses such as routine procurement by swiping card on the POS machine. The product is available for small and micro merchants that have opened ICBC POS acquiring business or ICBC clearing direct-connecting acquiring business and with a good credit standing, sound management, annual acquiring transaction volume above RMB 300,000 and stable monthly acquiring transaction amount. Merchants that have not opened ICBC POS acquiring business can also apply for the card as long as they provide required documents and meet certain conditions.

According to an ICBC official, compared with traditional credit products, the biggest advantage of “Easy Loan Corporate Card” for small and micro enterprises is “immediate availability of borrowing by swiping card”. With rapid processing and accurate credit granting, the card provides unsecured loans without any no annual fee. Repayment for expense can be made by installments, and the number of installments ranges from 2 to 24 according to customers’ needs. Notably, the card can be used within the credit limit on a revolving basis, with no need for repeated loan application, facilitating daily fund use and management especially for small and micro merchants in sectors of catering, hairdressing, supermarket chain, general merchandise, private gas station and wholesale.