Date: 2013-07-31

ICBC Changzhou Branch Help Zhejiang SiBi Bearing Co., Ltd. to Achieve Equipment Leasing and Financing

On January 6th, the forging, turning process, packaging and product inspection workers of Zhejiang SiBi Bearing Co., Ltd. were hurrying out bearing order from Argentina.

"Thanks to the help of financial institutions, our company manages sufficient working capital and normal prodution.", said by Mr. Xu Zhijun, the director of the company.

He introduced that as the fierce competition of low-end bearings, the profit margins are gradually compressed. In order to improve the product level, the company has invest over RMB 20 million in increasing 5 bearing automatic grinding machine production lines. And the company urgently needs financing because of the equipment investment. After knowing the situation, the client manager ICBC Changshan Branch immediately introduced the "ICBC Equipment Leasing Business" to the company, which made breakthrough the operational limit that SME's equipments can not be mortgaged or the mortgage discount rate is low. At moment, the company has received RMB 6.5 million, becoming the first equipment leasing and financing business in Changshan city.

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