Loan Agreement between Weifang Lakeland Safety Products Co., Ltd. and Chinese Rural Credit Cooperative Bank

Contract Categories: Business Finance › Loan Agreements
Summary

Weifang Lakeland Safety Products Co., Ltd. has entered into a loan agreement with Chinese Rural Credit Cooperative Bank for a credit line of up to RMB 8 million (about USD $1.3 million). The loan is secured by WF’s inventory, valued at over RMB 18 million, and supervised by a professional firm at an annual fee. The interest rate is 5.52% per year, with monthly payments of RMB 36,800. The loan term is up to six months, from September 21, 2015, to March 18, 2016.

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EX-10.2 3 v420992_ex10-2.htm EXHIBIT 10.2

 

Exhibit 10.2

 

Loan Agreement Summary

 

1.Lender and borrower:

 

Borrower: Weifang Lakeland Safety Products Co., Ltd. (“WF”)
Lender:    Chinese Rural Credit Cooperative Bank (“CRCCB”)

 

2.The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million (approximately USD $1,300,000).

 

3.Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 to the bank. The bank hired a professional firm to supervise WF’s inventory flow, which WF will pay at a yearly rate of RMB 46,000.

 

4.Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 5.52%. Monthly interest is RMB 36,800 which will be paid monthly.

 

5.Borrowing period: up to six months. The longest borrowing period is six months beginning September 21, 2015 and ending March 18, 2016.