Hefei zone streamlines financial services for startups

In recent years, the Hefei National High-Tech Industry Development Zone – in Hefei, capital of East China's Anhui province – has vigorously promoted the innovation of financial products to support startups with credit funding.

That's translated into 1,925 loans, totaling more than 1.46 billion yuan ($199 million), over the past nine years.

The sun sets after another productive day at the Hefei National High-Tech Industry Development Zone. [Photo/WeChat ID: hefeigaoxinfabu]

Micro and small enterprises have really benefited from these loans, with 88 percent of them being businesses obtaining bank loans for the first time.

The high-tech zone is encouraging various financial institutions to promote business coordination, innovation and integration. That's in a bid to guide the credit, securities, insurance, guarantee and venture capital sectors to play a synergistic role in assisting in the growth of technology-oriented enterprises.

What's more, a green innovation funds project is fully utilizing its credit support for micro and small technology enterprises. It focuses on supporting and assisting these small businesses and also specifically targets high-quality sci-tech businesses.

In the high-tech zone, enterprises are nowadays able to access a full range of financial services throughout their lifecycle.

With more than 20 financial products available – featuring low entry cost barriers and fast approvals processes – over 1000 sci-tech enterprises have benefited from loans totaling more than 2 billion yuan.