Yaliancai Micro-Credit Company recently passed its application process, becoming the first micro-credit company for foreign capital since Shandong set up related pilots in November 2008, when six micro-credit companies gained the qualification.

The company is registered with 300 million yuan ($48.83 million) in Hong Kong, with United Asia Finance Company serving as its sponsor. It provides unsecured loans ranging from 2,000 yuan to 100 million yuan, mainly to agriculture firms, small and medium-sized enterprises, and individuals.

Financing problems have always been the main difficulty for small and medium-sized enterprises. In order to solve this problem, Chengyang, one of the districts in Qingdao, needs to set up an adapted financial service system by establishing some micro-credit companies.

In 2013, six micro-credit companies provided loans totaling 760 million yuan to strongly support the development of micro enterprises and agriculture.