Shenyang eases business financing

A newly established financial technology public service platform is expected to expand financing channels for the country's small and medium-sized high-tech businesses to tackle financing difficulties utilizing an innovative approach, as Shenyang’s first measure taken to boost the finance industry in 2017.

Shenyang financial technology public service platform, co-sponsored by Shenyang science and technology bureau and the Shanghai-based Pudong Development Bank, commenced operations at Shenyang International Software Park –– Shenyang’s innovative high-tech businesses cluster on Feb 6.

“Based on increasing market demands, the financial service platform aims to lower the difficulties of financing and expand credit lines for Shenyang’s small and medium-sized businesses,” said an official from Shenyang private high-tech business service center.

Shenyang financial technology public service platform is a new model created for business financing, in which it provides one-stop and individualized financial services for businesses as Pudong Development Bank provides credit; bonding companies which guarantee businesses’ solvency, and the Hunnan district government which provides risk compensation funds for borrowers.

The new model also encourages small and medium-sized businesses to secure mortgages by using their intellectual property, trademark rights, stock rights and accounts receivable. The maximum credit fund for a single eligible business is 5 million yuan ($726,200). Moreover, Pudong Development Bank will provide all-around financial services, such as door-to-door account opening services, payroll credit and one-to-one financial planning services.