Ant Financial’s online lender MYBank (网商银行) has extended a sizeable volume of low interest or interest free loans to small-scale merchants amidst efforts to contain the spread of the novel coronavirus.
MYBank said that in order to help small vendors to weather the impacts of the coronavirus on the Chinese economy it had reduced interest rates by 20% for small vendors situated in Hubei province, which is where the disease first emerged.
MYBank has also provided 10 billion yuan in interest-free loans to digital small vendors on major Chinese e-commerce platforms such as Taobao, T-mall and Ele.me.
According to MYBank it has extended a total of 25 billion yuan (approx. USD$3.59 billion) in low interest or interest free loans to small vendors in China in response to the coronavirus outbreak.
“While small venders have met with very great difficulties, they have also displayed strong resilience,” said MYBank president Jin Xiaolong (金晓龙).
“If small vendors actively improve their operations, they fully have the opportunity to return to a rapid growth track with accompanying financial support.”