SPDB, sci-tech commission join hands to help tech firms resume production
The Shanghai Branch of Shanghai Pudong Development Bank and the city's science and technology commission jointly released a package of service plans on Wednesday to help local tech enterprises resume production.
Key rescue measures include offering a special credit line of 50 billion yuan (US$7.4billion ) and an online green service channel.
The lender said it will further increase the first loan, credit loans and medium- and long-term loans to tech firms, with the focus on strengthening credit support for key and strategic emerging industries in Shanghai, and continuously optimize its supply structure for technology funding.
Differentiated loan repayment and loan renewal services will be offered to better meet the financing needs of technology enterprises, according to SPDB.
Specifically, the bank will continuously increase credit support for key technology enterprises related to COVID-19 pandemic prevention and control, such as medical equipment, vaccine research and development, biopharmaceuticals and test reagents.
For small and micro tech firms affected by the pandemic, the Shanghai-based lender said it will optimize its credit policy, dynamically evaluate funding plans, and offer differentiated support policies.
To ensure timely and efficient financial services during the lockdown, SPDB has started a rapid processing mechanism. It has also built a strong e-banking system to better respond to clients' business demands like wage payment, money transfer and fund management.
The joint-stock bank will further deepen cooperation with the Science and Technology Commission of Shanghai and the Shanghai Technology Innovation Center to make targeted financial product innovation and meet the diversified financial needs of small tech firms.
The Shanghai branch of Industrial and Commercial Bank of China has also rolled out a basket of funding measures to help local firms with production resumption.
