The Guiyang National High-tech Industrial Development Zone (Guiyang HIDZ) in Southwest China's Guizhou province recently introduced "Trial Measures for Managing the Risk Compensation Fund Pool for Loans to Small and Medium-sized Tech Enterprises" in collaboration with financial institutions.
This initiative aims to address the financing challenges of the aforementioned enterprises, which often face difficulties in accessing affordable credit.
Over the years, Guiyang HIDZ has established an efficient financing service platform through government-bank partnerships.
This platform provides a streamlined financial service channel for tech SMEs, significantly broadening their access to funding. As of June this year, the initiative has helped 202 enterprises secure loans totaling over 1.7 billion yuan ($242.51 million).
In 2021, Guiyang HIDZ became the province's first approved pilot for the National Enterprise Innovation Point System.
This system has been optimized with the Enterprise Innovation Credit System Index 2.0 release, which incentivizes companies to enhance their technological innovation through preferential loan policies.
Guizhou Tianditong Technology Co (Tianditong) is one of the beneficiaries of this system. "71 points, 3 million yuan, at an interest rate of just 4.4 percent," said Xie Guojing, general manager of Tianditong, highlighting how the innovation point system facilitated a credit loan agreement with Guiyang Rural Commercial Bank.
This innovative point system has effectively streamlined the connection between enterprises and financial institutions, allowing companies to enjoy the benefits of financial services more efficiently and effectively.