Inner Mongolia has just seen the issuance of its first designated “rare earth micro-loan” by the leading province-level lender.
Bank of Inner Mongolia (BIM) said that its Baotou New District branch recently made a working capital loan of 3 million yuan to a local rare earth enterprise, Inner Mongolia Beifang Zhongheng Cigu New Materials Co., Ltd. (内蒙古北方众恒磁谷新材料有限公司).
The move comes after BIM issued the “Bank of Inner Mongolia Rare Earth Micro-and-Small Loan Administrative Measures” (内蒙古银行“小微稀土贷”管理办法) on 1 August, with the goal of supporting the growth of the provincial rare earth sector and resolving the financing challenges of micro-and-small enterprises involved in rare earth processing.
The micro loans cover a range of products, including “rare earth prepayment loans,” “rare earth subsidy loans,” “rare earth tax payment loans, and “rare earth transaction loans.”
BIM’s Baotou New District branch was established in 2011, and in May 2021 was officially designated by BIM as its “Rare Earth Financing Branch.”
The branch has reportedly provided 1.623 billion yuan in financial support to 16 rare earth enterprises Inner Mongolia.