Local bank helps firms get back to business

Banks in Qingpu District implemented a range of measures to ease financial pressure on businesses, sparing no effort to fuel the resumption of businesses' operation.

During a conference hosed by the Qingpu branch of the Shanghai Rural Commercial Bank in May, policies helping companies under financial pressure were outlined.

A Qingpu-based catering company raised a request for loans during the conference. The bank recommended a product tailored to that business. The company's loan was approved just one day after application.

"It is like fuel delivered in snowy weather, and I am very grateful for the swift and powerful support," a company representative said.

Based on Shanghai's action plan to revitalize the economy and Qingpu's 22 measures to boost development, the bank has been actively using its financial power and engaging in helping companies resume operations and production.

The Qingpu branch of the Shanghai Rural Commercial Bank actively echoed the call and provided financial guarantees to firms badly hit by the pandemic.

The bank has provided financial aid worth more than 100 million yuan (US$14.89 million) to 98 companies and 13 agricultural businesses.

It has also helped 26 suppliers that deliver daily necessities to communities, and 39 companies that deliver pandemic prevention materials.

By designing a unique QR code for these businesses, it smoothed the purchase channel for residents, easing the pressure on subdistrict and neighborhood committees.

About 10 online activities on financial products and policies were held with other players such as the Qingpu District Federation of Industry and Commerce and the Qingpu District Employment Promotion Center to help enterprises resume operations and production.

Considering most of their clients are middle-aged or senior residents as well as the rising summer temperatures, "green channels" have been opened for them to cut their waiting time.

The bank said it will continue making efforts to accelerate the recovery of the district's economic development.