Liu Dongwen, director of the newly-formed CFPA microfinance company (the arm of the China Poverty Alleviation Fund that is specialized in microfinance) recently announced figures on the new company's business. Using RMB 160 million in funding, CFPA Microfinance now covers 26 poverty counties in 10 provinces. As of the end of September 2009, there were 33,873 active client households, with each household taking out loans with an average value of RMB4,723. According to Mr Liu's presentation, around 80% of these households had been unable to obtain credits from formal sector financial institutions.