Financial institutions in east China’s Jiangsu province have spared no efforts to help with the private sector’s growth momentum by releasing preferential policies and supplying rich varieties of financial products so as to optimize services to boost the high-quality development of private enterprises.
Nantong Tongfu Microelectronics Co., Ltd. is stepping up production of packaging and testing products for computer and mobile phone chips.
Tongfu Microelectronics is a leading company in the field of IC packaging and testing in China. After the outbreak of the COVID-19 epidemic, the company faced a shortage of funds in the first half of 2020 as it was difficult to connect the upstream and downstream of the industrial chain, and the supply of raw materials was tight.
The Postal Savings Bank of China extended a helping hand in time and granted a total credit of 1 billion yuan to ensure the stable and healthy development of the enterprise.
The Nantong Branch of Postal Savings Bank of China has met the financing needs of private enterprises and small and micro enterprises by supporting local characteristic industries such as wind power, electronic information, and transportation infrastructure construction.
Wu Zheng, President of Nantong Branch, Postal Savings Bank of China
We have extended more than 10 billion yuan in manufacturing loans to private enterprises, with an average interest rate of 4.4%, which is 30% lower than last year. This alone has reduced the burden of local private enterprises in Nantong by more than 30 million yuan.
At the same time, the Jiangsu Banking and Insurance Regulatory Bureau, in collaboration with the province’s regional financial supervision bureau, innovated and established a financing consultation and assistance mechanism for private enterprises to help private enterprises solve financing difficulties. Up to now, it has helped 50 large and medium-sized private enterprises get out of the predicament by issuing a balance of bank financing of 99.96 billion yuan.
