East China’s Jiangsu province has introduced 12 measures to help enterprises tide over difficulties in credit issuance, fee reduction and profit transfer in a bid to continue to inject vitality into the province's epidemic prevention and control and economic development, according to the "Notice on Further Strengthening Financial Support to Help Epidemic Prevention and Control and Promoting Sustainable and Healthy Economic and Social Development" jointly issued by the Provincial Local Financial Supervision Bureau and three other provincial departments.
Jiangsu will extend and renew loans for enterprises in difficulties that have development prospects and are temporarily affected by the epidemic, and provide enterprises with a certain period of deferred repayment arrangements, without lowering the classification of loan risks, and striving to ensure the stability of market players.
The province will encourage banking institutions to issue credit loans to small, medium and micro enterprises, increase the first loan rate, and help enterprises ease the pressure on business turnover.
Various financing guarantee institutions will maintain low guarantee and re-guarantee rates for small, medium and micro enterprises affected by the epidemic.
The average guarantee rate of government financing guarantee institutions shall not be higher than 1%.
Financial institutions and local financial organizations must increase their support for enterprises in difficult industries in the service industry, promote industry transformation and upgrading, and effectively meet the needs of various financial services.
