Guangdong Credit Re-guarantee for SMEs Ltd. gained approval from the provincial government of Guangdong to be established on February 18, 2009.
Headquartered in Guangzhou, the newcomer has a registered capital of RMB 2 billion in total. So far, it has entered into a strategic partnership with nine banks, including the nation's Big Four state-owned commercial lenders - Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank. In addition, it has linked a strategic cooperative contract with eight guarantee institutions, including Guangdong Yinda Guarantee Investment Group and Guangzhou Financial Guarantee Center.
Hurt by the global financial crisis, many small- and medium-sized companies in south China's Guangdong Province have suffered financial strain currently. Provided that they could gain guarantee from guarantee companies, obtaining loans should not be a problem.
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