Financing platform helps Jiading firms recover

Jiading has built an industrial finance platform to help enterprises affected by the novel coronavirus.

Since the Jiading District Big Data Industrial Financing Cooperation Service Platform was launched, a total of 227 enterprises in the district have posted their need for finance, with a total of 1.982 billion yuan (US$279 million) involved.

Among the enterprises, there are over 79 major enterprises and 148 smaller enterprises with a need for funding that totaled 1.4 and 608 million yuan respectively. At present, 73 enterprises have obtained loans that total 1.216 billion yuan.

The district government set up an industrial financing cooperation platform to share information on enterprises’ financing needs and banks’ financial products to improve the success rate of financing and reduce the risks faced by the banks.

Recently, Zhang Yan, vice president of Shanghai Beite Technology Co Ltd, received a loan of 200 million yuan from the Jiading branch of the Industrial and Commercial Bank of China.

Facing operational difficulties caused by the novel coronavirus, the company put its finance requirements on the Jiading platform.

ICBC’s Jiading branch contacted the company, analyzed its specific problems and came up with a customized financing scheme.

Huang Zhenjie, vice president of the Jiading branch, said that at present gathering information was the biggest problem commercial banks encountered in the process of serving the real economy.

“Jiading’s industry and finance platform provides a medium for banks to sort out credible information such as taxation, environmental protection, industry and commerce, so as to reduce uncertainty in the process of business docking with enterprises,” said Huang.

He said that in the future, the branch would work out financing plans for all the enterprises on Jiading’s industrial and financial platforms and work on customized services for each enterprise to solve problems they are encountering in the financing process.

Since March, the bank has been involved in 330 million yuan in financing for Beite Technology and Shanghai Kaiquan Pump (Group) Co Ltd.