Bank branch to serve rare earth enterprises

Since the first Rare Earth and Technology Finance Characteristic Branch of Bank of China was established in Baotou on July 29, 2021, it has created a "rare earth + finance + scientific research + enterprise" development model to boost Baotou's technological innovation through finance.

Shortly after it was established, the sub-branch formulated an exclusive service plan for the development characteristics of rare earth enterprises and science and technology enterprises.

Staff members at the branch work to help rare earth enterprises. [Photo/WeChat account of Baotou Daily]

After establishment, the branch soon began cooperating with a key rare earth enterprise in Baotou, with an initial credit amount of 50 million yuan ($6.88 million). After learning that the financing demand of the enterprise increased greatly after large-scale expansion, the branch successfully increased the total amount of credit to 150 million yuan after application and approval.

While continuing to follow up on the listing progress of the enterprise, the branch learned that the enterprise had capital needs due to the price fluctuation of rare earth raw materials, and again increased the total amount of credit to 350 million yuan.

Since its establishment, the branch has served nearly 50 rare earth and science and technology enterprises and provided 1.18-billion-yuan-worth of financial assistance to enterprises.

Moving forward, the branch will continue to create new financial products and support the operation and growth of rare earth technology enterprises in the city.