Taixing city, East China's Jiangsu province, is actively providing financial support for its small and micro enterprises or SMEs to further boost their growth.
It's been rolling out initiatives, including establishing a financing coordination mechanism, an innovative credit product supply chain and creating closed-loop services, to enable SMEs to benefit from financial services.
Since last year, the city has investigated the production, operational situations and financing needs of local enterprises. As a result, it launched implementation plans regarding financing coordination for SMEs.
A sweeping view of Taixing city. [Photo/taixing.cn]
With the implementation of various support policies, banks and financial institutions have selected one to two adaptable financial products for SMEs based on their individual characteristics and financing needs.
A full chain rapid response financing service mechanism has been established, involving "pre investigation through visits, quick review of enterprise needs and quick approval of loans". This enables businesses to receive financing three to seven working days faster than before.
Liu Jun, who started a business in the Taixing Urban Industrial Park not long ago, recently received a bank loan to help expand its production scale in small mechanical equipment manufacturing.
"Business has been doing well recently and I was considering expanding its scale," he said. "After learning about that, a bank took proactive action to contact me and helped me apply for a low interest loan of 200,000 yuan ($27,643) online," Liu added.
Overall, with the upcoming launch of new initiatives, such as "financial counselors" and "cloud financing chat rooms", Taixing's SMEs are all set to continue to write new chapters.