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History of MicroCred Nanchong

Since 2005 the People Republic of China has become increasingly interested in microfinance. To that end, the People’s Bank of China (PBoC) and Chinese Banking Regulatory Commission (CBRC) have begun to promote both commercial-based and development-oriented microcredit, respectively. The PBoC initiative includes establishing pilot microcredit programs in four provinces, one of which is Sichuan province, and one autonomous region. CBRC’s initiative involves the creation of village banks in several regions of the country.

In mid-2006, MicroCred submitted a proposal for one of the pilot microcredit projects under the PBoC initiative. In December 2006, the Vice-Governor of Sichuan province, Mr. Huang,approved MicroCred’s application to create a pilot company in Nanchong, Sichuan province. Nanchong is a promising market with more than 100,000 registered micro and small businesses.

As a first step in that process, MicroCred S.A. established a holding company, MicroCred China Limited, in Hong Kong in February 2007 that will be the sole owner of MicroCred Nanchong. Following that, MicroCred China Limited received a certificate of Approval from the Sichuan provincial Department of Commerce allowing the creation of the wholly foreign owned microcredit company in Nanchong and after that MicroCred Nanchong received its business license from the Sichuan Administration for Industry and Commerce allowing it to operate in Nanchong.

A celebration marking the inauguration of its first branch in Jialing District of Nanchong city and the disbursement of the first loans was held on 24 October.

Mission

MicroCred Nanchong’s mission is to provide funding services to the micro and small entrepreneurs and rural households who are excluded from the formal financial sector in order to improve their and their families’ living conditions and to contribute to the overall development of the local economy.

Values

MicroCred Nanchong’s values include:

  • Transparency
  • Efficiency and Quality
  • Objective and fair
  • Excellence in customer service
  • Social and environmental responsibility
  • Honest and trustworthy partner