Wuhan Economic & Technological Development Zone (WHDZ) in Wuhan, Central China's Hubei province, has taken measures to optimize its business environment, launching an emergency fund service platform to provide short-term transitional financial support for small and micro-sized enterprises based in the zone, according to local media reports.
Wuhan Longkai Agricultural Development Co is an agricultural company integrating planting and breeding, tourism and sightseeing.
At the end of 2020, the company was unable to afford the 2.4 million yuan needed to repay a bank loan due to capital flow difficulties.
At the end of December 2020, after learning about the emergency financing fund policy for small and micro-sized enterprises, which is operated and managed by Wuhan Jingkai Investment Co, company officials at Wuhan Longkai Agricultural Development Co immediately submitted application materials and received the approval for a loan of 2.4 million yuan ($370,560) within three days.
Since the establishment of the platform, it has provided 18 financial services for 10 companies in the development zone with a total of 163.55 million yuan, benefiting companies in fields including new energy research and development, biomedicine, smart manufacturing, warehousing and logistics, and agriculture.
The figure marks an increase of 164.35 percent over the same period in 2019. The average use time of the loans is 7.8 days, and they have saved the companies a total of 490,000 yuan in on-lending expenses.
