Guiyang eases financial pressures of SMEs

Guiyang, capital of Southwest China's Guizhou province, has been taking steps to solve the financial problems of small and medium-sized enterprises (SMEs). Since the beginning of this year, Guiyang has offered 218 million yuan ($34.26 million) in subsidies and 2.87 billion yuan in loans to SMEs.

With the help of the "Guishangyi" platform, local SMEs can apply for subsidies online. The platform also hosts 47 agencies that offer services to SMEs, and has released 10.27 million yuan of digital service coupons for companies to use.

In 2021, Guiyang invested 14.41 million yuan in offering subsidies and rewards for the construction of SMEs' professional service platforms, as well as entrepreneurship and innovation centers.

Guiyang also has an online financial service platform initiated by Guizhou Tax Bureau, providing loans to SMEs. This year, more than 12,000 SMEs have applied for loans on the platform.

Since 2019, Guiyang has established a 1-billion-yuan capital pool for risk compensation of policy-based credit loans, issuing 15.27 billion yuan of loans with cooperating banks for 28,000 companies.

Guiyang also has a 200-million-yuan emergency fund for on-lending, helping 184 companies to on-lend 367 times.

To encourage innovation, Guiyang started to recognize municipal enterprise technology centers in 2021. So far, 26 firms have been recognized.

In addition, national manufacturing innovation centers, provincial technological innovation demonstration enterprises, and municipal enterprise technology centers can receive rewards of up to 5 million yuan.