Gansu Hongliang Leather grateful for bank loan in its time of need
10/04/2012
In 2011, the tannery received the Highly Commended award for China in the second Tannery of the Year Awards programme. In March this year it announced that it is one of more than 500 Chinese enterprises currently waiting to list on the stock exchange and said it was confident the listing would happen before the end of 2012.
In more recent comments quoted by the China Leather Industry Association, the founder of Gansu Hongliang Leather Limited, Li Chen, has revealed that he ran into financial difficulties in 2008 and found it hard to secure funding from financial institutes because his business was too small.
However, Lanzhou Bank, based in Gansu’s provincial capital, came to his aid with a loan as, he explained, it has done for many small businesses in the area. Now his company is thriving and had a production target of 50 million square-feet of leather for 2011.
“Lanzhou Bank helped us overcome that crisis,” Mr Li said. “Otherwise we would not be a large-scale tannery today. We shall never forget their support.”
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