Changsha ramps up efforts to help private companies finance

A mobilization meeting preps for the month-long campaign which deploys about 1,000 officials to help at least 1,000 companies solve their various issues. [Photo/icswb.com]

Changsha county recently launched a 100-day campaign to investigate into and help address financial difficulties faced by private companies. The event culminated 27 companies reaching financing intent of 358 million yuan ($52.4 million) with local banks at a working conference.

At the conference, 34 firms consulted nine financial institutions on mortgages, lines of credit, and loan rates before finding out the best products that fit their requirements.

According to Zou Xia, deputy director of the Changsha county financial office, the event aims to help efficiently solve the urgent financial needs of enterprises, saving their efforts in consultations and applications.

The local government will urge banks to optimize their approval process, speed up examinations and reviews, and even open a green channel for brick-and-mortar enterprises, according to a local official.