“融资就是我们现在最大的瓶颈。很多妇女来我办公室，想贷款，但是我们没钱，怎么贷？非常着急。”陕西省西乡县妇女可持续发展协会秘书长秦秀平对《第一财经日报》记者表示。

"Financing is now the biggest bottleneck.Many women to come to my office,Want to loan,But we have no money,How to borrow?Very worried."Shaanxi xixiang county women's sustainable development association secretary general of QinXiuPing[The first financial daily]reporters.

　　类似于上述发展协会的机构，被称为NGO小额贷款机构（下称“公益小贷”）。1994年到1995年间，在孟加拉乡村银行小贷模式引入中国之后，中国的公益小贷开始逐步发展。目前，中国有100多家公益小贷致力于扶贫助农。

Similar to the above development association organization,Is called the NGO microfinance institutions(Hereinafter referred to as"Public small credit").From 1994 to 1995,The grameen bank in Bangladesh small credit model after introduced into China,China's public welfare small credit began to gradually developed.At present,China's more than 100 public small loans to overcome poverty and help the farmers.

　　与5600多家小额贷款公司的规模相比，这100多家公益小贷的规模并不能引起太多的市场关注。同时，其法律地位未明确、产权不清晰等问题的存在，使得其融资困难重重。

And more than 5600 home small loan companies compared the size of,This than 100 public small credit scale does not cause too much attention to the market.At the same time,Its legal status is not clear/The property rights are not clear of issues,Make its financing difficulties.

　　不过值得注意的是，目前行业正在探索通过信贷批发基金为公益小贷解决融资可持续性问题。

But it is worth noting,The industry is now explore through the credit wholesale funds for public welfare small loans to solve the financing problem sustainability.

　　公益小贷供不应求 Public small credit supply falls short of demand

　　秦秀平称，目前西乡县妇女发展协会的贷款余额已经达到900万元，贷款客户约1051户，平均每户信贷约为4000元。而900万元这样的贷款规模，在西乡县的覆盖率还不足2%。

QinXiuPing says,At present xixiang county women development association of loan balance has reached 9 million yuan,About 1051 homes loan customers,The average American credit is about 4000 yuan.And the 9 million yuan that the size of the loan,In xixiang county coverage is less than 2%.

　　“现在我们不敢再去覆盖一些新的村，如果业务开展到这个村，到最后没有办法贷款给这些农户，这样会令这些妇女失望的。”秦秀平向记者表示，该协会99%以上的贷款是贷给当地的妇女，几乎每天都有一批妇女到她的办公室咨询贷款。

"Now we can't go to cover some of the new village,If the business to the village,To finally have no way to loans to these farmers,This will make the women down."QinXiuPing told reporters,The society more than 99% of the loans were made to the local women,Almost every day a group of women to her office consultation loans.

　　西乡县妇女发展协会在当地的农户贷款利率，平均在11.76%，较为接近市场利率。赤峰市邵乌达妇女可持续发展协会秘书长霍桂林也告诉记者，其农户贷款的利率在13%，并且还包括对农户提供技术支持。

Xixiang county women development association in the local farmers loan interest rate,In an average of 11.76%,Relatively close to the market interest rates.Chifeng city shao WuDa women's sustainable development association secretary general HuoGuiLin also told reporters,The peasant household loan interest rate at 13%,And also include the farmers to provide technical support.

　　近日发布的《农村公益性小额信贷机构发展研究报告》称，公益小贷在中国试点开展小额信贷，首先证明了国内的农户和贫困户是愿意并且有能力偿还接近市场化利率的借款。同时，只要达到一定的资金规模，并且管理得当，即使是在贫困的农村地区，小额贷款机构仍然可以实现操作和财务的可持续性。

Recently released[Rural public welfare microfinance institutions development research report]says,Public small loans in China to carry out pilot microfinance,The first one has proved domestic farmers and poor are willing to and have the ability to repay the loan interest rates close to the market.At the same time,As long as to achieve a certain scale of capital,And proper management,Even in poor rural areas,Microfinance institutions can still achieve operation and financial sustainability.

　　在风险管控方面，霍桂林表示，赤峰市邵乌达妇女可持续发展协会有本地化的模式来防范风险，比如“五户联保”等。其次，在内部会有非常严格的信贷制度来规范信贷流程。该协会目前的不良率仅在0.05%以内。

In risk control aspects,HuoGuiLin said,Chifeng city shao WuDa women's sustainable development association localization model to guard against risks,Such as"Five family joint guarantee"etc.secondly,Department, has a very strict credit system to regulate the flow of credit.The association the defect rate only within 0.05%.

　　“可能有的农户会拖延两天，不过我们信贷员是会及时催款，基本上都能够还上来的。”秦秀平表示，西乡县妇女发展协会目前并没有出现真正的不良贷款。

"May be some farmers will delay two days,But we loan officer will promptly pay,Basically can also up."QinXiuPing said,Xixiang county women development association at present and there is no real bad loans.

　　“在陕西南部有30至40个县，做小贷的机构并不多。所以如果有一定的资金支持，这个市场是非常广阔的。”秦秀平还称，最为主要的是解决融资的来源问题。

"In south shaanxi have 30 to forty county,Do small credit institutions is not much.So if there is a certain amount of money to support,This market is very broad."QinXiuPing also said,The most main is to solve the question of the source of the financing.

　

　法律地位引发融资困局 Legal status cause financing predicament

　　“以前，我们的融资来源基本上靠捐款，但是捐款不具有可持续性，所以现在我们也想通过其他方式融资来解决这个问题。”秦秀平告诉记者，近来她正在到处想办法融资。

"before,Our financing source basically rely on donations,But the donation is not sustainable,So now we also want to through the other way financing to solve this problem."QinXiuPing told reporters,Recently she is around trying to financing.

　　上述研究报告称，由于NGO的身份，公益小贷在融资方面一直都存在着严重的困难。

The findings of the report,Due to the identity of the NGO,Public small credit in financing has been there are serious difficulties.

　　首先是公益小贷的法律地位不明确，投资者不愿意提供融资。其次，公益小贷的公益性质，要求其融资利率不能够太高，难以按市场利率进行融资。此外，政策规定公益性质组织收益不能分红，同时也无法负债补充资金，这一系列的因素都导致了公益小贷难以具有可持续的融资来源。

The first is the legal status of public small credit is not clear,Investors is not willing to provide financing.secondly,The public nature of public small loans,Ask its financing interest rates can't is too high,According to the market interest rates to finance.In addition,Policies of public property organization income can't share out bonus,At the same time also can't liabilities supplementary capital,This series of factors caused the public small credit is difficult to have sustainable financing source.

　　“目前国际上，各种融资方法都可以。增资扩股、资金池、银行间的拆借，包括上市等，国内最大的问题是，政策和法规都不允许这样做，这是最大的瓶颈。”中国小额信贷联盟理事长杜晓山说。

"The international,Various financing methods.Increase endowment spread/pool/Inter-bank lending,Including listing, etc.,The biggest problem is,Policies and regulations are not permitted to do so,This is the biggest bottleneck."China microfinance alliance DuXiaoShan chairman said.

　　不过，杜晓山称，政策会慢慢放开，前提是公益小贷的管理水平、经营能力需要得到提升。

but,DuXiaoShan says,Policy will slowly release,Premise is public small credit management level/Capacity needs to get promoted.

　　“公益小贷法律体系滞后，在整个行业的法律体系建立起来之后，机构的融资就不会存在那么多的障碍了。”霍桂林对本报记者表示。

"Public small credit legal system lag,In the industry's legal system after the set up,Institutions financing will not exist so many obstacles the."HuoGuiLin to our reporter said.

　　信贷批发基金“试水” Credit wholesale funds"Test the waters"

　　就在诸多公益小贷被融资来源困扰的时候，行业内已经迈出了信贷批发基金的脚步，为公益小贷解决融资可持续性难题。

In many public small credit is financing source bothers you,In the industry have already made credit wholesale funds steps,For public welfare small loans to solve the financing problem sustainability.

　　12月初，国内首只小额信贷批发基金——“普惠1号”公益性小额信贷批发基金（下称“普惠1号”），公布了它首期投资项目。该基金首期向5家公益小贷，通过银行委托贷款的方式，提供500万元信贷资金。

Early December,Domestic first only microfinance wholesale fund --"Pratt &whitney 1"Pro bono microfinance wholesale funds(Hereinafter referred to as"Pratt &whitney 1"),Unveiled its initial investment projects.The fund to the first five public small loans,Through the bank entrusted loan way,With 5 million yuan credit funds.

　　“普惠1号”于2011年10月成立，由中国小额信贷联盟、商务部中国国际经济技术交流中心、北京大学金融信息化研究中心、宜信公司联合发起。该基金依法对合格投资者定向募集，并设立北京普惠宜农投资管理中心（有限合伙），委托宜信惠民投资管理（北京）有限公司作为基金企业受托管理人，为公益性小额信贷组织提供资金支持，并为投资者带来一定收益。

"Pratt &whitney 1"Established in October 2011,By the China microfinance alliance/Ministry of commerce of China international center for economic and technical exchanges/Beijing university financial information research center/Appropriate letter jointly sponsored company.The fund for the qualified investors in accordance with the directional collection,And the establishment of Beijing pratt &whitney has investment management center(Limited partnership),We should believe entrusted investment management(Beijing)Co., LTD., as the enterprise fund manager,For non-profit microfinance organizations to provide financial support,And for investors bring certain benefits.

　　今年2月，该基金开始启动，在收到的20家小贷机构申请当中，选取了8家公益小贷做尽职调查，最后选出了5家机构进行投资。5家被投资机构中，最少为60万，最多则为140万，其余均为100万元。

February,The fund began to start,In the received twenty small credit institutions of application,Select the eight public small loans to do due diligence,Finally chose five mechanism for investment.Five is the investment institutions,At least for 600000,The most is for 1.4 million,The rest are for 1 million yuan.

　　“信贷批发式的基金，对于公益小贷能够起到技术和资金的支持。”杜晓山分析称，这是一种很好的市场化方式，探索公益小贷融资难题的解决之道。据他介绍，目前市场上，除了宜信之外，北京友成普融公司也在做公益小贷的批发基金。

"Credit wholesale type of fund,For public welfare small credit can rise the technical and financial support."DuXiaoShan analysis says,This is a good way to market,Explore public small credit financing difficult problem solution.According to he introduced,On the market at present,In addition to appropriate outside letter,Beijing friends ChengPu melt company also doing public small credit wholesale funds.

　　“普惠1号”基金投资管理委员会执行主任、宜信公司总裁助理侯琳称，该基金给5家机构的委托贷款利率均为基准利率下浮15%，贷款期限为1年。该基金给投资者的收益率则是3%。

"Pratt &whitney 1"Fund investment management committee executive director/Appropriate believe the company President assistant shridan says,The fund to the five institutions entrusted loan interest rates are down 15% benchmark interest rate,Loan time limit for 1 year.The fund investors to the rate of return is 3%.

　　面对较为普通的收益率与投资者追求投资价值的市场矛盾，该基金管理委员会专家委员、资深小额信贷专家王灵浚对记者称：“是很难吸引投资者，不过相信能够找到志同道合的企业进入到基金投资。”

In the face of the more common yield and investor pursuit of investment value of the market contradictions,The fund management committee/Senior microfinance expert WangLingJun said to reporters:"It is difficult to attract investors,But we can find like-minded enterprise into the fund investment."

　　业内呼吁政府引导 The industry calls for government guidance

　　尽管像宜信、友成普融这样的公司已经开始以实际行动在探索公益小贷融资可持续的方式，不过对于国内100多家公益小贷的需求来说，这可能仍然是“杯水车薪”。

Although as appropriate letter/A friend ChengPu melt such companies have begun to take practical action to explore in public small credit financing sustainable way,But for the domestic than 100 public little credit for the demand,This may still is"ocean".

　　实际上，这些基金要找到适合的投资者，也并非易事。这也限制了信贷批发基金的规模，使得更多的公益小贷得不到持续的资金供给。

In fact,These funds to find suitable for investors,Also is not easy.It also limits the credit wholesale fund scale,Make more public small credit is not continuous supply of capital.

　　王灵浚也表示，信贷批发基金的确也会面临可持续性的问题，募集资金要达到一定的规模，才能够达到可持续性。

WangLingJun also said,Credit wholesale funds do also will face the problem of sustainability,To raise funds to reach a certain scale,To achieve sustainability.

　　杜晓山对记者称，国际上解决公益小贷融资困境，也有通过信贷批发基金的，外国的几十只批发基金，绝大部分是由政府发起，政府的角色只是发起人而不干预基金的运作。

DuXiaoShan said to reporters,The international public small loans to solve the financing problem,Also through the credit wholesale funds,Foreign dozen wholesale funds,Most was launched by the government,The role of the government are funders and shall not interfere in the operation of the fund.

　　“有政府的投入，公益小贷可以更加专心地做更多的事情。如果政府参与，利率就会下降一点，规模也可以做大一点。”杜晓山称，但现在只是由市场机构去慢慢探索。

"Government investment,Public small credit can be more focused on doing more things.If the government to participate in,Interest rates will fall a bit,Scale also can do a bit bigger."DuXiaoShan says,But now is just a market mechanism to explore slowly.

　　此外，杜晓山还表示，要解决公益小贷的问题，可以参照2010年银监会关于小额贷款公司的指导意见，出一个专门针对公益小贷的指导意见。

In addition,DuXiaoShan also said,To solve the problem of public small loans,Can consult the banking regulatory commission (CBRC) in 2010 about small loan company's guidance,A specialized public small credit's instruction opinion.