Minsheng Bank provides 200 million yuan for members of the furniture and decoration industry of the Federation of Industry and Commerce

1 On the afternoon of February 8, the signing ceremony of the cooperation agreement between China Minsheng Bank and the National Federation of Industry and Commerce Furniture and Decoration Industry Chamber of Commerce was held in Beijing Baihuan Hotel. According to the agreement between the two parties, China Minsheng Bank will provide 200 million yuan credit line for the Beijing-based alliance enterprises under the National Federation of Industry and Commerce Furniture and Decoration Industry Association to meet the more development needs of Chinese private furniture enterprises. In recent years, the Chinese furniture industry has been in a period of rapid development, the scale of business operations has continued to expand, and the demand for funds has also increased. The overall economic situation and the huge market demand have always made many well-known Chinese furniture brand enterprises in a state of “not bad money”. However, in the past one or two years, labor costs, raw material prices have risen, the implementation of the new property market, and many furniture. Production companies have problems with capital turnover.

Zhang Chuanxi, executive chairman and secretary general of the Chamber of Commerce and Industry of the National Federation of Industry and Commerce, said that the industry is now shuffling and enterprises should upgrade. The operating costs include land, plant construction, equipment, raw materials, channel construction and brand promotion. These costs are doubled. In the process of improvement, the demand for quality services from banks has become more prominent. Based on the understanding of the industry, the National Federation of Industry and Commerce Furniture and Decoration Industry Association accurately conveyed the industry and business situation to the bank and assisted the bank's financing and credit services. Based on this, the Chamber of Commerce has established a cooperative relationship with Minsheng Bank. It is understood that according to the agreement between the two parties, the Chamber of Commerce members who need to apply for this loan will be issued a recommendation letter by the Chamber of Commerce. Minsheng Bank will simplify the approval process for the enterprise and achieve rapid financing of about seven days through “Commercial Loan”.

Zhang Chuanxi said that the cooperation will be carried out first among the Beijing-based alliance enterprises under the National Federation of Industry and Commerce Furniture and Decoration Industry Chamber of Commerce. The members of the Beijing School are all well-known furniture companies in Beijing. These companies have a certain scale and strength, and they are all in a stage of rapid development. For most of these companies, no loans can be developed, but financial support will develop faster. Relatively speaking, banks have the highest safety factor for financial services for these companies. Next, the two sides will gradually expand the scope of cooperation, and gradually extend to more member companies such as furniture, building materials, home improvement, and as an important part of the business associations to serve member companies.

At the signing ceremony, as a member company representative, Wen Shiquan, chairman of the Beijing-based furniture brand alliance and chairman of Yifeng Furniture, admitted that although the company is “not bad money” at this stage, it does not mean that there is no demand for funds in the future development. It is also important for a company to establish a good credit history for a company.

Xu Mingxun, member of the Party Committee and general manager of the Beijing Municipal Management Department of China Minsheng Bank, said at the signing ceremony that Minsheng Bank directly positioned itself as a bank for private enterprises and a small and micro enterprise, and actively promoted the development strategy of private enterprises. Support China's private economy and the development of private enterprises, and strive to achieve common growth with the private economy. It is hoped that through this cooperation with the National Federation of Industry and Commerce Furniture and Decoration Industry Chamber of Commerce, we will strive to serve the home industry enterprises more quickly and effectively.

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