BEIJING -- Micro-credit companies in China issued 88.6 billion yuan ($14.4 billion) of new loans in the nine months ending on Sept 30, official figures showed.

The number of micro-credit companies has increased to 8,591, and their outstanding loans total 908 billion yuan as of Sept 30, the People's Bank of China (central bank) said Friday in an online statement.

Micro-lenders largely target small companies and low-income groups in need of capital. Micro-finance has become an important channel for private capital to enter the financial market.

China approved establishment of micro-credit companies in 2005. The number of such companies bloomed from less than 500 in 2008 to over 4,000 in 2011, and 7,839 at the end of 2013.

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