Yueqing United Rural Bank, in Yueqing City near Wenzhou, is breaking new territory as one of the first rural banks in Zhejiang to be majority privately-owned. Initial start-up capital for the bank, which opened in May 2010, was a 60/40 split between private investors and Hangzhou United Rural Commercial Bank. The bank focuses on micro loans to farmers and small enterprises, lowering entry requirements and using innovative guarantee and repayment measures to extend credit to customers that traditional banks see as high risk and low return.