| Jiangsu expands scale of special loans for MSMEs to relieve difficulties, increase production and enhance efficiency |
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With the view to providing greater support to micro, small and medium-sized enterprises (MSMEs), the Provincial Department of Finance, along with other competent provincial departments, has stated unequivocally in recent days that the special loans of Jiangsu Province for difficulty relief, production increase and efficiency enhancement of MSMEs will be expanded to 20 billion yuan.
In order to implement the 42 articles of the Several Policy Measures on Spearheading the Overall Recovery of the Economy, our province set up a special loan of 10 billion yuan at the beginning of this year to help MSMEs solve financing difficulties. The newly added 10 billion yuan will provide stronger support to MSMEs.
The special loan is intended to support the province’s MSMEs, mainly in the fields of manufacturing, transportation, wholesale and retail, accommodation and catering, culture, sports and tourism, which were registered before the end of June 2022 and are still in operation but have fallen into temporary liquidity difficulties. For the special loans that meet certain criteria, the provincial budget will compensate 1% of the annual loan rate for a duration of one year.
Each of the qualified MSMEs can borrow up to 5 million yuan, while the minimum loan amount is 500,000 yuan. The loan term is a minimum of one year and a maximum of three years. The loans shall be issued no later than December 31, 2023. Companies can apply for loans online through the Provincial Platform of Risk Compensation Fund Service for the Development of Inclusive Finance.
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