Shenzhen Bank Adopts Chinese Version of Yunus Microcredit Model to Assist Local Social Organizations
SHENZHEN, China, Aug. 20, 2013 /PRNewswire/ -- A press conference for "EasyLoan," a new and innovative credit instrument that will make it easier for social organizations to be better contributors to public welfare, was co-hosted by the Shenzhen branch of China Construction Bank and the Shenzhen Innovation Corporate Social Responsibility Development Center (CSRDC) in the conference hall of the Shenzhen branch on 14 August, 2013.
"EasyLoan" is a professional support service product modeled on loans extended by the Shenzhen branch to small and micro businesses and innovative financial management services offered to social organizations. "EasyLoan," the Chinese version of the Yunus microcredit model for small and micro businesses, demonstrates that social organizations can reach a new level of access to credit.
Social organizations, whether they are foundations, community associations or non-profits, are required to have government procurement contracts and related service offers in hand in addition to an ability assessment in order to get a loan. The Shenzhen branch of China Construction Bank extends loans to social welfare organizations with a good credit record through the imposition of sound financial safeguards including risk control, further boosting social innovation via financial instruments. The "EasyLoan" model has already been implemented and six social welfare organizations have become the first partners of the branch.
At the event, vice president of the Shenzhen Charity Federation and former vice chairman of the Municipal CPPCC of Shenzhen Yao Xinyao, deputy director of the Shenzhen Civil Affairs Bureau Yu Zhisheng, deputy director of the Committee for Social Affairs of Guangdong Province for the Social Construction Office Liu Feng, and director of the United Front Work Department's Economy Office under the CPC Shenzhen Municipal Committee Liu Junlin each provided a positive appraisal of the financial service jointly developed by the social organizations and financial institutions. President of the Shenzhen Social Worker and former president of Shenzhen University Zhang Bigong, as well as convener for the Unit for Third Sector Studies at Hong Kong Polytechnic University and the Deputy Director of CSRDC Dr. Chan Kam Tong offered their professional insights into the comparative analysis of Chinese and foreign financial organizations supporting the development of social organizations with core businesses.
Director of CSRDC Liang Yudong said the "EasyLoan" model will provide Shenzhen's social organizations with financial services such as liquidity loans as well as support the city's social service organizations. "EasyLoan" will help social organizations develop a more scientific and scalable model of operation, promote the growth of an innovative community service model, and drive the diversified development of community finance, community education, community support for the elderly, community health and community care.
SOURCE Shenzhen Innovation Corporate Social Responsibility Development Center
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