Shinan government provides assistance to companies

The bureau of financial supervision of Shinan district, Qingdao, East China's Shandong province, along with local financial institutions, is providing targeted services to meet the financial needs of enterprises and minimize the impact of the novel coronavirus.

In addition, Shouhong Medical Holding Group Co, a New OTC (Over the Counter) Market listed company based in the district, is importing and selling medical products and equipment under cooperation with hospitals and research institutions.

The company has been encountering difficulties in capital turnover since it purchased a number of protective materials and has delayed the completion of several contracts due to the virus outbreak.

Eventually, the company decided to notify the Shinan bureau of financial supervision about its difficulties, and the bureau promptly contacted local financial institutions and banks to seek help. As a result, a total of 15 million yuan ($2.15 million) have been offered to the company, and repayment deadlines have been extended.

"Our overdue loans and capital turnover difficulties have been completely solved within just several days due to the timely help of the district government and financial institutions," said Wang Guodong, chief financial officer of the company.

Online financing services are also being provided to increase efficiency, and 24-hour services are available for dealing with urgent issues. The district government is also helping companies seek financial support through comprehensive financing service platforms provided by banks.

The district government has already helped many local companies apply for bank loans, with 23.5 million yuan in loans being approved and 80 million yuan still being processed.