Haimen Qi Xin Plastic Industry Co was granted with 4 million yuan ($579,600) through the "Suke Loan Scheme" of the Haimen government on Sept 21. 

To date, 22 companies in the district have received 74.6 million yuan through the scheme, which is a result of cooperation between the government and banks.

Over the past few years, Haimen has spent 21 million yuan to set up a credit risk fund for small and medium-size sci-tech companies. The credit limit for sci-tech projects at local banks is up to 500 million yuan.

Since the beginning of this year, the district’s sci-tech bureau has deepened partnerships with local banks and encouraged financial institutions to introduce new services for sci-tech companies.

Officers from the bureau have visited companies to promote these financial products and learn about their needs. They have also helped set up special channels for companies to process financing requests.

Statistics show that in 2020, a total of 41 companies have been granted 147 million yuan worth of loans through various schemes for sci-tech projects.

In March, the bureau and the Haimen branch of the Bank of China implemented a series of preferential policies to help companies with valid patents and those specializing in technological research and development resume operations.

Those that met the requirements can apply for medium- and long-term loan at an interest rate of no more than 4.5 percent.

As of the end of August, the bank had issued 38.9 million yuan to 12 companies.