Zhongguancun issues anti-epidemic loans of over 9 billion yuan

On March 18, the Zhongguancun Administrative Committee, in conjunction with eight financial institutions, launched a 20 billion yuan($2.8 billion) "Anti-epidemic Loan".

As of May 20, 644 loans totaling 9.2 billion yuan had been offered to 538 Zhongguancun enterprises.

An "Anti-epidemic loan" is an exclusive anti-epidemic credit product offered to Zhongguancun companies. Its issuance is to support Zhongguancun companies to fight the epidemic with science and technology, mitigate the impact of the epidemic on the production and operation of Zhongguancun companies, and support their stable and healthy development through resumption of production.

Since the outbreak, over 200 technology-based enterprises in Zhongguancun, especially small and micro ones, have been seriously affected by the epidemic due to their weak anti-risk capabilities. As their credit demands further increased they became more sensitive to financing costs. In these circumstances, the anti-epidemic loans solved their urgent needs.

After learning that Beijing CapitalBio Technology Co., Ltd., which is devoted to the development of a microfluidic chip system for rapid detection of 19 common respiratory viruses including COVID-19, had difficulty in maintaining turnover when supplying goods to severely affected areas, the Beijing Branch of Industrial and Commercial Bank of China offered the company a loan of 50 million yuan at an interest rate of 3.75%, 16 million yuan of which has already been advanced.

Knowing the capital shortage of LyncMed (Beijing) Co., Ltd., a large-scale cross-border medical device e-commerce platform, the Beijing Branch of the Bank of China completed the examination and approval in just one working day, and issued a loan of 5 million yuan at an interest rate of 2.05%.

Informed of capital needs of Beijing GensKey Co., Ltd. (a technology company devoted to pathogenic microorganism detection mainly based on second generation sequencing platform and pathogen detection product development), the Bank of Beijing completed the examination and approval in three working days and issued a loan of 5 million yuan at an interest rate of 3.05%. Meanwhile, Zhongguancun Bank also issued a loan of 9.9 million yuan to GensKey at a rate of 2.85 percent.

After learning that Beijing Mucheng Special Fireproof and Thermal Insulation Material Co., Ltd. faced problems such as difficulty in capital turnover, inability to fully resume production, and backlog of orders, the Beijing Branch of Agricultural Bank of China offered the company a loan of 3 million yuan, of which 2 million yuan has been issued.

For the financing demands of Beijing Sino-Bridge Co., Ltd., which participated in the construction, operation and maintenance of Huoshenshan Hospital, Zhongguancun Bank issued a loan of 40 million yuan at an interest rate of 3.05 percent.

Knowing the difficulties of Hopec Petroleum (a technical service company specializing in providing equipment and services for oil and gas resource development, and a Zhongguancun high-tech and gazelle company), the Beijing Branch of China Construction Bank issued a loan of five million yuan; after learning the operation difficulty of Yonder Environment (a comprehensive service company dedicated to distributed energy), the Beijing Branch of China Development Bank and Zhongguancun Guarantee Company jointly issued a loan of 30 million yuan.

Facing the epidemic, the Zhongguancun Administrative Committee and various financial institutions are doing their utmost to help Zhongguancun's large, medium, small and micro-sized enterprises to overcome difficulties.

In the future, the Zhongguancun Administrative Committee will continue to strengthen collection of feedback and release more scientific and technological credit policies, further accelerating implementation of the "anti-epidemic loan".