More financial aid to secure commercial supply chains
Banks in Shanghai are providing strong credit support to promote the smooth flow of freight logistics and help stabilize local business and people's daily life.
By the end of April, the credit balance of major domestic commercial banks in Shanghai to freight drivers and small and micro logistics enterprises hit 28 billion yuan (US$ 4.12billion), an increase of 12.4 percent over the beginning of the year, data from the Shanghai Banking Association showed.
The Bank of Shanghai, an urban commercial bank, launched 18 targeted measures to bail out small businesses, with a focus on providing financial assistance to the transportation industry.
The lender has set up a special credit line of 10 billion yuan to aid industry players and nearly 4 billion yuan had been granted to around 43,000 truck drivers by the end of March.
During the lockdown, the Agricultural Bank of China's Shanghai Branch lowered interest rates on its inclusive financial products and issued a short-term working capital loan of 25 million yuan for a cold-chain logistics firm which ran into financial problems.
To meet the capital needs of logistics companies, the Shanghai Branch of the China Construction Bank dedicated itself to working out targeted financing plans.
A total of 100 million yuan of working capital loans, for instance, was taken to finance YTO Express' everyday operations.
The Bank of Communications' Shanghai Branch said it has issued loans of nearly 4 billion yuan to almost 20 logistics and transportation-related enterprises, which effectively ensured the smooth transportation of pandemic prevention supplies and living materials for local citizens.