Shanghai’s Internet Cafe Industry Gains First Financial Support From Bank

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The Shanghai Internet Cafe Industry Association and Bank of Hangzhou have reached an agreement to launch a joint guarantee loan program for Internet cafe operators in Shanghai, according to information from the official website of Shanghai Municipal Administration of Culture (Radio), Film & TV.

This program will involve a total working capital loan of CNY150 million. With joint guarantee of three Internet cafe operators, they can apply for the loan. Bank of Hangzhou will set the upper limit of credit in accordance to its related regulations and the loan period will be two years at most.

Those who want to apply for the load can submit their applications to the Shanghai Internet Cafe Industry Association and the association will deliver a unified application to the bank after an initial examination. So far, one unnamed Internet cafe chain ...

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