Lin-gang's one-stop platform revolutionizes SME financing
The government inclusive finance online guarantee window of the Lin-gang Special Area, Shanghai has been transforming the way small business attain financing.
Since its launch on Aug 8, seven local enterprises have utilized the platform. Shanghai Yancheng Transport Co Ltd – a logistics company based in the Lin-gang Special Area – was the first small and medium-sized enterprise in Lin-gang to secure a loan guarantee through the one-stop platform.
Upon learning about the policy financing guarantee online application service, Mr Peng, the accountant of Yancheng Transport submitted an application on the Lin-gang one-stop platform. Within minutes, he received a call from Mr Zheng, the manager of the local guaranteed company who offered his assistance.
Following a preliminary assessment, Mr Zheng referred Yancheng Transport to the Bank of China's Lin-gang branch, which was able to issue an 8-million-yuan ($1.12-million) loan. This loan is made up of 5 million yuan guaranteed by Lin-gang Special Area Financing Guarantee Co Ltd and 3 million yuan guaranteed by the Shanghai SME Policy Financing Guarantee Fund Management Center.
Gao Youlian, the general manager of Yancheng Transport, said that the recently approved loan has helped reduce the financial pressure faced by the company.
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