Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Short term bank loans consisted of the following at December 31, 2011 and 2010:

Bank	2011		2010
Nanjing Bank	$	11,731,223	$	9,930,511
Shanghai Pudong Development Bank		8,966,382		6,068,000
Industrial and Commercial Bank of China		5,294,270		606,800
Bank of Communications		2,660,562		683,700
The Hong Kong and Shanghai Bank		532,944	-
Everbright Bank		-		577,710
Bank of Shanghai		-		273,060
	$	29,185,381	$	18,139,781

On August 2, 2010, Goldenway entered into a two-year revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $7.86 million (RMB50 million). As of December 31, 2011, under this agreement, the Company had borrowed approximately $7.86 million (RMB50 million) with annual interest rates 7.02%, and due on various dates from January to June 2012. These borrowings are guaranteed by Jiangsu Ever-Glory, an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These borrowings are also collateralized by the Company’s property and equipment.

On March 11, 2010, Ever-Glory Apparel entered into a one-year line of credit agreement for approximately $7.86 million (RMB50 million) with Nanjing Bank. On April 7, 2011, the agreement was extended until April 6, 2012. As of December 31, 2011, $0.73 million of bank loans were outstanding under this agreement, with annual interest rates 5.43%, due on various dates from January to March 2012, and collateralized by approximately $1.1 million of accounts receivable from wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. At December 31, 2011, approximately $7.13 million was unused and available. Approximately $0.73 million was repaid in January and March 2012.

As of December 31, 2011, LA GO GO had borrowed $1.57 million (RMB10.0 million) from Nanjing Bank with an annual interest rate of 7.87% and due on various dates from April 2012 to June 2012. This loan is guaranteed by Jiangsu Ever-Glory and Mr. Kang .

As of December 31, 2011, New Tailun had borrowed $1.57 million (RMB 10.0 million) from Nanjing Bank with an annual interest rate of 8.6% and due in June 2012. This loan is guaranteed by Jiangsu Ever-Glory and Mr. Kang .

As of December 31, 2011, Ever-Glory Apparel had borrowed $2.68 million from Shanghai Pudong Development Bank with an annual interest rate of 7.01%. The loan is guaranteed by Goldenway, and collateralized by approximately $3.9 million of accounts receivable from wholesale customers. This loan is due on various dates from January 2012 to February 2012.

On January 4, 2011, Goldenway finalized a new one-year line of credit agreement for approximately $6.28 million (RMB40 million) with Shanghai Pudong Development Bank. As of December 31, 2011, Goldenway had borrowed the maximum amount available under the line of $6.28 million (RMB40 million), with an annual interest rate of 7.55%. These loans are collateralized by certain properties and land use rights of Goldenway, and are due in November 2012.

As of December 31, 2011, Ever-Glory Apparel had borrowed $5.29 million (RMB33.7 million) from the Industrial and Commercial Bank of China with an annual interest rate from 6.1% to 6.71%. The loans were due on various dates from January 2012 to February 2012, were guaranteed by Jiangsu Ever-Glory, and were repaid in full in January and February 2012.

As of December 31, 2011, Ever-Glory Apparel had borrowed $1.57 million from the Bank of Communications with an annual interest rate of 7.22%, and due in June 2012. The loan is guaranteed by Jiangsu Ever-Glory and the Company's chairman and CEO, Mr. Kang. In addition, Ever-Glory Apparel had borrowed $1.09 million from the Bank of Communications with annual interest rates ranging from 3.93% to 5.34%, due on various dates from January 2012 to March 2012, guaranteed by Jiangsu Ever-Glory and Mr. Kang, collateralized by approximately $1.56 million of accounts receivable from wholesale customers, all of which was repaid through March 12, 2012.

On July 29, 2011, Ever-Glory Apparel and Perfect Dream collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $7.0 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of December 31, 2011, Ever-Glory Apparel had borrowed $0.53 million from HSBC with an annual interest rate of 6.1% and collateralized by approximately $0.78 million of accounts receivable from wholesale customers. Approximately $6.47 million was unused and available.The loan was repaid in full in March 2012.