What other initiatives have been launched to make it easier for small companies to access financing? For instance, what was the People’s Bank of China MCC pilot?
At the end of 2005, the PBOC announced its pilot microfinance project in four provinces and the Inner Mongolia Administrative Region. Under this initiative, companies with a minimum registered capital of RMB5 million (EUR 468,164) would be allowed to make individual loans with a value ceiling of no more than 5 percent of their total registered capital. These companies, commonly referred to as Micro-Credit Companies (MCCs) are classed as non-financial lending institutions, and they cannot accept savings from the public.
