Financial supports inject momentum into Rugao's gardening industry
A delegation from the Nanjing branch of Huaxia Bank recently visited Rugao, a county-level city in Nantong, to seek cooperation with the local gardening industry.
During the visit, Xu Guilin, vice-president of the Nanjing branch, expressed confidence in the cooperation between the two parties.
Rugao's gardening industry has a long history, and its annual output is currently valued at more than 20 billion yuan ($2.81 billion).
The local government has carried out a series of preferential policies to boost the industry since 2001, and has encouraged local companies to partner with research institutes such as Nanjing Forestry University, Beijing Forestry University, and the Jiangsu Academy of Forestry to obtain advanced technology and upgrade production.
However, with such rapid growth, a bottleneck is inevitable. Alas, many gardening firms are encountering financial difficulties.
To solve this, the city's leading office for gardening development and 14 members of the local gardening federation raised 42 million yuan to set up a micro-loan guarantee fund known as "Huarongbao".
Several guarantee companies and banks have already joined the program, providing 63.9 million yuan in loans to 22 gardening and bonsai businesses.
Rugao Rural Commercial Bank is showing commitment to supporting businesses engaged in the planting of saplings, flowers, and micro-sized bonsais. By the end of February, the bank had lent 47.5 million yuan to 21 such businesses this year.
"I'm grateful for the financial support from the Huarongbao fund and Rugao Rural Commercial Bank," said Tian Jianlin, a sapling manager who just received 3 million yuan in loans.
"They have given me confidence amid the epidemic. We will work to bring in more than 100 million yuan this year," he added.