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Government help, advice and loans for struggling small firms
December 28, 2009, Monday
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Print Edition
Print Edition
OVER the past year, the financial crisis has severely tested several smaller enterprises in Jiading. To help them survive the storm, government departments and financial institutions have issued various policies to aid them.
Souqi Technology is a company registered in Jiading Industrial Zone which provides other enterprises and individuals with Internet services. To open up the international market, the company visited the United States and Canada and studied the markets there.
When they returned, company officials prepared reports and a video disk. When they learned from the financial department that their projects might qualify for a subsidy from the National Expansion Fund, they handed in their application immediately.
In 2000, the central government set a fund to support the international expansion of minor enterprises. To publicize this policy, the economic department of Jiading District has held training courses, introducing this policy in detail and the application procedures for the fund.
So far in the District there are 143 projects from 73 enterprises that having handed in their application. If their applications are approved, the funds will be distributed next year. In addition, 140 projects in a second batch are also in the pre-checking stage.
Jiading District has also established three petty loan companies °?- West Shanghai, Yinfeng and Xietong - to help enterprises obtain finance more efficiently.
So far these three companies have already advanced 214 loans of over 380million yuan (US$55.66 million). West Shanghai mainly focuses on enterprises dealing in auto parts, and Yinfeng mainly focuses on minor enterprises administrated by the District Association of Industry and Commerce.
Since Yinfeng was established, it has made 144 loans, totaling nearly 300 million yuan. Qinyuan is a small company that creates ecological gardens that needed to borrow 2 million yuan to develop their business further. Yinfeng officials approved their loan within just several days.
"Although big financial institutions like banks could also provide such services, it often takes a very long time," said a Qinyuan official. "But these petty loan companies are more efficient. They can satisfy our need for urgent funds," he said.
On November 20, the Jiading branch of Agricultural Bank established a financial service center for minor enterprises. Besides loans, it can also provide firms with various services such as fund management, international business settlement and policy advice. On the opening day, four enterprises signed cooperation agreements with the bank.
Among all the loans at Jiading branch of Agriculture Bank, half are for small firms. The bank has also held training courses for local companies to teach them how to avoid risk in the financial storm.
Souqi Technology is a company registered in Jiading Industrial Zone which provides other enterprises and individuals with Internet services. To open up the international market, the company visited the United States and Canada and studied the markets there.
When they returned, company officials prepared reports and a video disk. When they learned from the financial department that their projects might qualify for a subsidy from the National Expansion Fund, they handed in their application immediately.
In 2000, the central government set a fund to support the international expansion of minor enterprises. To publicize this policy, the economic department of Jiading District has held training courses, introducing this policy in detail and the application procedures for the fund.
So far in the District there are 143 projects from 73 enterprises that having handed in their application. If their applications are approved, the funds will be distributed next year. In addition, 140 projects in a second batch are also in the pre-checking stage.
Jiading District has also established three petty loan companies °?- West Shanghai, Yinfeng and Xietong - to help enterprises obtain finance more efficiently.
So far these three companies have already advanced 214 loans of over 380million yuan (US$55.66 million). West Shanghai mainly focuses on enterprises dealing in auto parts, and Yinfeng mainly focuses on minor enterprises administrated by the District Association of Industry and Commerce.
Since Yinfeng was established, it has made 144 loans, totaling nearly 300 million yuan. Qinyuan is a small company that creates ecological gardens that needed to borrow 2 million yuan to develop their business further. Yinfeng officials approved their loan within just several days.
"Although big financial institutions like banks could also provide such services, it often takes a very long time," said a Qinyuan official. "But these petty loan companies are more efficient. They can satisfy our need for urgent funds," he said.
On November 20, the Jiading branch of Agricultural Bank established a financial service center for minor enterprises. Besides loans, it can also provide firms with various services such as fund management, international business settlement and policy advice. On the opening day, four enterprises signed cooperation agreements with the bank.
Among all the loans at Jiading branch of Agriculture Bank, half are for small firms. The bank has also held training courses for local companies to teach them how to avoid risk in the financial storm.
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