Banking industry in east China’s Jiangsu province saw a loan balance of 14.4 trillion yuan in the first quarter of this year, reaching a historic high, statistics of Jiangsu Banking and Insurance Regulatory Bureau show.
Financial institutions in Jiangsu have unveiled preferential policies and offered discount rates to provide targeted services for the resumption of work and production.
Jiangsu Tech Trans Internet of Things Technology Co. Ltd was in bad need of capital support to purchase materials and fill out its orders.
The local branch of the Bank of China was informed of the company’s desperate need for capital and granted 5 million yuan of unsecured loan.
"This loan allows us to complete the production and delivery of the entire product and develop from a small and micro enterprise into a small and medium enterprise."said by Zeng Jun, CEO of Jiangsu Tech Trans Internet of Things Technology Co. Ltd.
In response to the small and micro enterprises’ demand for the resumption of work and production, the Bank of China Jiangsu Branch has unveiled ten measures to send financial packages for small and micro enterprises.
"As of the end of March the Bank of China Jiangsu Branch has issued nearly 19 billion loans to small and medium-sized enterprises supporting nearly 10 thousand enterprises in their resumption of work and production."said by Wei Quan, CEO of Exclusive Banking Service, Bank of China Jiangsu Branch.
In the meantime, financial institutions in Jiangsu have provided targeted services to help local enterprises resume work and production.
Jiangsu Kangsheng Agricultural Development Co., Ltd. is an agricultural enterprise that produces edible fungi. The company suffered from declining export orders due to the sudden outbreak of the novel coronavirus disease or COVID-19, resulting in losses of up to 10 million yuan in January and February.
The Agricultural Bank of China Xuzhou Branch tailored the credit plan for the enterprise based on the twelve measures launched by the head company to support the stable production and supply of agricultural products and issued 20 million yuan of working capital loans for the enterprise.
"Agricultural Bank of China increased loans and cut interest rates to ensure the normal operation and meet the domestic and domestic product supply."said by Li Fang, Jiangsu Kangsheng Agricultural Development Co., Ltd.
"We have provided loans to support the resumption of small and micro enterprises and granted 500 million yuan of loan to support more than 240 companies. At the same time, we provide the lowest interest rate to small and micro enterprises that have encountered difficulties."said by Gong Zunjing, vice president of the Agricultural Bank of China, Xuzhou Branch.
In the first quarter, Jiangsu's financial industry effectively supported enterprises in key areas and small and medium-sized enterprises to resume production.
Statistics of Jiangsu Banking and Insurance Regulatory Bureau show that at the end of the first quarter, the banking industry in Jiangsu reported a loan balance of 14.4 trillion yuan, an increase of 921.3 billion yuan from the beginning of the year. The growth ranked the second in the country and set a record high.
The province also reported 366 billion yuan in the total amount of new loans in infrastructure construction, an increase of 152.6-billion-yuan year-on-year and up 8.5 percentage points from a year ago.
The financial institutions also deferred loan principal payment of 18.733 billion yuan for 18.3 thousand small and micro enterprises.
At the end of the first quarter, the non-performing loan ratio in Jiangsu fell to its lowest level since September 2012.
（source：ourjiangsu.com）
