Universal Export Credit Insurance for Small And Micro Businees in Yinzhou District

Recently, the government at Yinzhou District has kick started a universal credit insurance program for small and micro exporters. The initiative includes free coverage for compensation up to 100,000 US dollars or 70% of the total amount involved. Government must join those businesses in unlocking market potential abroad by leveraging on fiscal revenues amid tougher trade landscape in 2015 , according to officials from the region.

As the government seeks to embolden those exporters to engage in more business, it was among the first that set in motion the insurance program. Over time, the effort paid off as nearly 30% increase in net export volume has been recorded. 888 enterprises are eligible for the insurance scheme this year in the district, a 9.5% rise over the same period last year, according what insurers said.

On top of that, the government also works to set up a platform providing financing to insure those businesses. At the moment, the program is financed by CMBC, Bank of Ningbo, Bank of Yinzhou, etc., streamlining financing procedures and making the whole process more efficient. Insured businesses can get loans at a privileged rate three days after applications once relevant documents are in place.

Statistics shows that about 1000 or 30% exporters trade less than 3 million US dollars yearly. The insurance gives micro businesses more access to trade as they subject to fewer losses if they happen, according to Yinzhou Commerce Administration. The enterprises in Yinzhou have led the rest of Ningbo in export increases as they move ahead in emerging markets such as Russia, Middle East and Latin America alongside traditional markets like Europe and the US.

LINK:	http://en.nbwh.gov.cn/art/2015/7/7/art_1325_70679.html...
	See more stories from ningbo

Most recent headlines