Industrial and Commercial Bank of China (ICBC) launched Employment Loan, an online credit loan product, to support small and micro enterprises (SME) in accelerating the resumption of work and production. The product is aimed to provide SMEs with funds in this regard to boost steady production and employment. ICBC has granted Employment Loan of RMB800 million to over 600 SMEs since the Chinese New Year.

Employment Loan is an online credit loan product developed by ICBC through big data and other technologies, based on payroll credit, settlement details, financial assets and other information of SMEs. SMEs can complete the whole process from application, automatic approval and online granting via ICBC mobile banking without going through mortgage procedures, saving a lot of troubles. ICBC will further increase the upper credit line to RMB10 million, and provide exclusive preferential interest rates for SMEs with great fund demands due to the epidemic, in order to assist enterprises in accelerating resumption of work and production and expanding operation with full strength.

For instance, a SME that mainly produces and sells aluminum products, metal materials, and construction materials suffered capital recycling difficulty from the COVID-19, thus facing a huge capital gap in work resumption. After learning its needs, ICBC made exclusive financial service plan immediately and offered a total of RMB1 million Employment Loan on its first day resuming work, solving the pressing need for the enterprise.