Baiyun guarantee company solves financing issues for SMEs

To solve financing problems for Guiyang's small and medium-sized enterprises (SMEs), Baiyun's State-owned guarantee company offered more than 100 million yuan ($15.25 million) of financing guarantees in the first 11 months of this year, a 24.23 percent increase over the previous year.

Amid the COVID-19 epidemic, Baiyun's guarantee company strengthened policy implementation and cooperated with banking institutions to offer green channels to those heavily epidemic-impacted industries that require a shorter approval time.

For key enterprises involved with epidemic prevention and control, the financing guarantee rate dropped to 1 percent for cost reduction.

As of this November, the company had visited more than 60 enterprises and offered services for 32 enterprises, with the guarantee amount hitting 105.52 million yuan.

At the same time, the company also deduced 10,000 yuan in guarantee fees for a local vegetable cooperative in Mengtai village, Shawen town.

Various seminars were held with Guiyang Bank and Yanjing Beer to seek win-win results. The meetings proved useful, helping to relieve funding pressure and promote the orderly development of the economy.