Quzhou issues 1b-yuan loan to support foreign trade companies

Quzhou in East China's Zhejiang province plans to offer one billion yuan ($140.92 million) worth of loans to support local small- and micro-sized foreign trade companies, local media reported on March 19.

The news was released at a signing ceremony between the Quzhou Municipal Bureau of Commerce and Quzhou branch of Zhejiang Tailong Commercial Bank.

The two parties also rolled out preferential policies at the event in a bid to encourage foreign trade companies to expand international markets and maintain stable foreign trade in the city.

The policies apply to all small- and micro-sized foreign trade companies in Quzhou as well as companies involved in special industries in the city, cross-border e-commerce and service trade.

A total of 500 million yuan worth of trade financing funds will be offered by Tailong, including order financing, export invoice discounts, import (export) bill advances, outward remittance financing, packing loans, export discounts and forfaiting financing.

The rate for foreign currency financing provided to the companies by Taihong will be as low as 4.2 percent.

Foreign trade companies which open a new account at Tailong before Oct 31 will be exempt from the service charge in international settlements if they handle such settlements via Tailong's online banking system.

E-commerce companies which apply to use Tailong's money collecting products before Oct 31 will be exempt from six months of service charges.

Those who served as frontline medical workers in the fight against the novel coronavirus pneumonia will enjoy free service with their medical practitioner or nurse practitioner certificates when dealing with personal foreign currency remittance at Tailong before Oct 31.

Foreign trade companies in Quzhou can enjoy financing services and handle international settlements online, including loan applications, receiving and repayment, as well as application for remittance, the letter of credit, export collection, and foreign exchange settlement and purchasing.

In addition, Tailong will begin offering automatic solution payments to the foreign exchange accounts of companies which manage businesses related to the prevention and control of the epidemic or have cooperated with Tailong for more than half a year.