www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

chinadaily.com.cn
left corner left corner
China Daily Website

Small firms' last resort for financing

Updated: 2013-01-21 10:09
By Yu Ran in Shanghai ( China Daily)

Many private business owners turn to pawnshops to find alternate funding options

After knocking on several doors, Wu Xiang finally raised the money required for urgent business expenses from a pawnshop in Tianjin by pledging his more than 2 million yuan ($321,000) Porsche Panamera as collateral for a cash loan.

Though the monthly interest of 4 percent on the 1.5 million yuan loan is steep, Wu, the 34-year old owner of a small trading company in Tianjin, says he has no regrets in pledging his prized car as "profit margins are shrinking and there are virtually no other financing avenues."

Small firms' last resort for financing

Many small and medium-sized enterprises' owners went to pawnshops and mortgaged their cars for short-term loans during the year-ending period. SMEs are increasingly facing a working capital crunch, as banks are reluctant to lend to them due to their poor business record. [Photo / China Daily] 

Wu, is not alone in his predicament as several small and medium-sized businesses in China are struggling to find alternate financing options to stay afloat especially in the November-December period.

Like Wu, many of the small and medium business owners are now increasingly turning to pawnshops, so much so that they have become an integral part of China's modern financial landscape.

"I urgently needed 1.5 million yuan to make the balance payments to my business partners, pay a final loan amount to the bank and for the salaries of my employees before the end of the month," Wu said.

Having said that, Wu adds that he would redeem the prized car as soon as he gets alternate financing from a bank. He says that this is not the first time that he has had to trade in his belongings for short-term funds as he had earlier pledged his apartment for a two-month loan of four million yuan in 2011.

Unlike the loan procedures in financial institutions, which normally take up to a month for approval, pawnshops often offer instant money. The process usually consists of pledging the assets along with the related documents at a pawnshop.

"I needed to solve my financial problems within two weeks, and pawning the car was the quickest and easiest way to raise funds," said Wu.

Traditionally, people pawned clothes, antiques and valuables like gold, silver or jade at pawnshops. However, in recent times Chinese pawnshops have become much more diverse and seen assets like real estate, private cars and equity shares being pledged for quick money.

"Efficiency, convenience, flexibility and customized service often make pawnshops the most preferred financial channel for individuals and enterprises," said Yang Yong, the manager of the automobile business department at the Huaxia Pawnshop in Beijing.

Huaxia has grown to become one of China's biggest pawnshops since its launch in 1993 and currently has over 20 branches in Beijing.

"People are no longer going to pawnshops for survival, but consider it a viable option to deal with emergencies," Yang said.

Latest reports

SMEs gain greater access to funds

APEC economies vow to boost SME development

Small, micro firms struggle with dip in overseas orders, cash-flow woes

Monitor cash flow to control SMEs loan risks: experts

SME confidence slips again in Q3

Performance to determine SME funding applications

China SME Global Development Forum held in Austria

Wenzhou SMEs get fairer deal

 

Find more in

Shadow banking on the rise

Previous Page 1 2 3 Next Page

 
8.03K
 
...
主站蜘蛛池模板: 国产成人高清在线观看播放 | 在线永久免费观看黄网站 | 国产成人免费不卡在线观看 | 精品在线观看免费 | 日本美女视频韩国视频网站免费 | 91久久精品视频 | 精品国产美女福利到在线不卡 | av毛片免费看 | 日本高清视频一区二区 | dy888午夜国产午夜精品 | 日本黄色官网 | 亚洲第一免费网站 | 欧美成人综合在线观看视频 | 国产乱纶 | 九九精品免视频国产成人 | 老妇激情毛片 | 久草在线观看视频 | 成人三级精品视频在线观看 | 欧美午夜视频一区二区 | 久草资源网 | 亚洲综合色一区二区三区另类 | 日韩午夜片| 国产亚洲一区二区三区在线 | 看黄网址 | 国产中文久久精品 | 色偷偷88欧美精品久久久 | 欧美日韩一级大片 | 久草免费在线观看视频 | 亚洲一区二区三区在线 | 成年人网站免费看 | 免费观看欧美成人禁片 | 国产99视频精品免费观看7 | 国产91网址 | 日韩成人黄色片 | 美女在线看永久免费网址 | 国产原创在线视频 | 国产亚洲精品午夜一区 | 亚洲久久网 | 日本免费在线视频 | 五月色婷婷琪琪综合伊人 | 久久99精品综合国产首页 |