In an effort to help small business owners in various merchandise marts access bank loans, ICBC has recently launched the "Merchant Friend Loan" via its "ICBC Merchant Friend Club", a new loan product of ICBC which has been warmly received by all the small merchants.

As related by an executive with ICBC, many kinds of large merchandise marts (clothing, leather, hardware, building materials, aquatic products, flowers) have been gathering steam in all corners of China over the past few years. They are the important forces in driving the transformation and upgrade of consumer spending and coordinated economic development. These special markets are clusters of small merchants. In view of this special point, ICBC leverages its integrated financial services to launch the "Merchant Friend Loan", an innovative loan product designed for members of "ICBC Merchant Friend Club" holding "Merchant Friend Card", offering super-value, convenient services and products for small merchants to grow their business.

ICBC "Merchant Friend Loan" highlights "apply once, revolving use of loan limit" on account of the actual need of small merchants who want to draw loan anytime, repay and apply for loan easily. "Merchant Friend Loan" offers all the benefits under one roof. ICBC grants credit once which can be used revolvingly, borrowers draw loan themselves by bank card or via Personal Internet Banking, procedures and formalities are simple and highly efficient. Anytime merchants can repay loans in advance via Internet Banking depending on the use of loan amount in order to reduce borrowing cost. ICBC "Merchant Friend Loan" is very suitable for small merchant to apply. Besides, different guarantee options are available for merchants to relieve the bottleneck of getting guarantee for "Merchant Friend Loan", which can be guaranteed under real estate in other city, by natural persons, joint-guaranteed by merchants, by management party of the merchandise mart or by professional guarantee companies.

Mr. Zhang, a businessman in Zhejiang's Taizhou, is very impressed by the convenience of "Merchant Friend Loan" brought to him. Mr. Zhang opens a shop in the Commercial Street in Zhejiang's Taizhou to sell clothes of a famous brand. When the season comes, Mr. Zhang has to go everywhere to look for working capital to stock up. Mr. Zhang joined the local "ICBC Merchant Friend Club" before stocking up for the spring season this year. In the Club, he heard other members talking about "Merchant Friend Loan", so he went to ICBC to ask for details. After discussion, ICBC customer manager confirmed that Mr. Zhang was eligible to apply for the loan and helped Mr. Zhang go through the formalities in the afternoon on the same day. One day later, Mr. Zhang received RMB 600,000, leaving him no more worry about the shortage of working capital.