Guarantee loans back development of Jilin companies

The Jilin Branch of the Postal Savings Bank of China has been backing the development of small and micro-sized enterprises by offering various loan services, according to local media reports.

Jilin Yuanfang Machinery Group Co, based in Huadian city, Jilin province, is engaged in the research, development, production and sales of automobile rear axle final drive half shafts, rear axle shaft tubes and various austempered ductile iron castings.

The company has high-profile domestic and foreign customers such as China FAW Group, Dongfeng Dana, China National Heavy Duty Truck, and Shaanxi Heavy Duty Trucks.

According to Zhang Xueliang, general manager of the company, in 2015, staff members of the Jilin Branch of Postal Savings Bank of China took the initiative to contact the company and issued a loan of 20 million yuan ($3.13 million). The current loan balance is 13 million yuan.

For many years, the bank has been providing working capital loans and bill discounting services for the company, which has helped the company's rapid development.

In 2020, the bank learned about the production and operation of enterprises and their epidemic prevention and control materials, opened rapid approval channels, implemented preferential interest rates, and granted quick credit to ensure the capital needs of enterprises during the epidemic period.

Throughout the year, the average interest rate of loans for inclusive small and micro-sized enterprises dropped by 44 points from the previous year, providing strong support for small and medium-sized enterprises to overcome difficulties and stabilize their development.

Among them, a special anti-epidemic loan of 1 million yuan was issued for key national epidemic prevention enterprises, and the loan prime rate base interest rate was lowered by 100 points.