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Shenzhen takes measures to help small enterprises secure loans

08/17/2021 Source: Szdaily.com

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Shenzhen will further bolster its small and micro enterprises with financial measures to help them secure first-time loans, Shenzhen Special Zone Daily reported.

Measures will be taken to ensure that the number of small and micro enterprises obtaining their first-time loans will increase significantly between 2021 and 2023, according to the work plan jointly issued by the People’s Bank of China Shenzhen Central Sub-branch, Shenzhen Office of the China Banking and Insurance Regulatory Commission and local government agencies.

The work plan’s long-term goal is to explore and build a long-lasting mechanism with business sustainability, cost acceptability and controllable risks for helping small and micro enterprises get their first-time loans, and effectively improve the quality and efficiency of financial services.

Specific measures will be launched to improve the success rate of small and micro enterprises’ first-time loans and help them standardize financial governance and corporate governance.

Meanwhile, efforts will be made to guide banks to formulate targeted financial service plans for first-time loan borrowers and further improve the financing risk pooling for banks.

Statistics showed that Shenzhen banks had issued inclusive loans for small and micro enterprises to 58,900 first-time loan borrowers in the first half of the year, with the amount reaching 61.48 billion yuan (US$9.48 billion).