AgroPages-Jiangsu Huifeng receives approval for setting rural micro-credit company-Agricultural news

Jiangsu Huifeng receives approval for setting rural micro-credit company

Chinese agrochemical company Jiangsu Huifeng Agrochemical recently announced that it has received government approval for setting up a rural micro-credit company in Dafeng, Jiangsu province. Huifeng will have six month of lead time. The business scope is make small loans and guarantee for agriculture in rural area.

The company said that it will fulfill and finalize all necessary requirements according to the Financial Office’s approval document, including pre-approval and registration, recruiting executives and professionals, Investment capital verification, and application of business registration certificate.

In the release, Huifeng revealed that it will put capital input of yuan 70 million ($11.4 million at current rate) for the micro-credit company, accounting for 35% of the total share capital. Huifeng expects to transform the credit company into a rural bank three years after its normal operating.

Integrating agchem manufacture, R&D, domestic and international trade, Huifeng has 200 thousand tons/annual agchem manufacturing capacities (technical and formulation). The sales of the company amounted to yuan 2.1 billion ($340 million) in 2013.