A workshop of Wuhan Dongjiang Future Technology Co, which was hit by a catastrophic tornado on May 14. [Photo provided to en.whkfq.gov.cn]
Zhang Zaibo, president of Wuhan Dongjiang Future Technology Co, a company based in the Wuhan Economic & Technological Development Zone (WHDZ), was extremely thankful for timely assistance from the government and social aids after a catastrophic tornado hit the company on May 14. Zhang established a memorial for the event.
"It was the most destructive tornado we had ever seen in the 24 years since the company was founded. I thought my company would close, because under these circumstances, funds from investors would not be available, the bank would ask us to pay back our loans in advance, our clients would lose confidence, and the company would be doomed," said Zhang, referring to a destructive tornado in May that blew off the roof of the company's workshop. All the equipment, products and supplies in the workshop were soaked with rain and completely ruined. Zhang cried many times, worrying that his hard-earned career would come to an end.
But two days later, he was informed that his application for a 50 million-yuan ($7.5 million) loan had been approved by Hankou Bank, and 20 million yuan had already been allocated to the company's account.
Wang Xin, president of the Hankou Bank Wuhan Economic & Technological Development Zone Branch, said that it usually takes about four weeks for companies to be approved. But they opened a green channel for Wuhan Dongjiang Future Technology Co due to its special circumstances.
"We will spare no effort to support little giant enterprises like Wuhan Dongjiang Future Tech," said Wang.
In addition, business partners of the company paid for their orders in advance to aid the company financially.
"The production line recovered quickly, and we have so far received orders from eight firms," said Zhang.
Wuhan Dongjiang Future Tech possesses core technologies for solenoid valves and plays a leading role in the solenoid valve market for commercial vehicles.
