Baiyun makes things easier for business loans

In response to the startup needs of businesses and companies resuming their operations and production, the government of Baiyun district -- in Guiyang, capital of Southwest China's Guizhou province -- has in recent years increased its interest discounts on guaranteed entrepreneurial loans.

The preferential policies target small, medium and micro-sized enterprises, as well as self-employed individual businesses.

They aim to help those that have encountered short-term difficulties, such as the suspension of operation, a sharp decline in orders, labor shortages and pressures on cash flow due to the outbreak of the novel coronavirus.

These include the operators of cultural, sports and entertainment venues, residential service venues, dining venues, tourist areas, market trading venues and off-campus training venues.

In 2020, Baiyun processed four guaranteed loan interest discounts for applicants starting a business, with an interest discount of 785,900 yuan ($117,914) in total. It also issued 78 small secured loans with total funding of 11.46 million yuan, directly supporting 78 merchants and indirectly ensuring more than 300 jobs.

Compared with 2019, investment funds increased by 50.64 percent, while the number of supported households increased by 44.44 percent.

In 2021, Baiyun has to date handled two guarantee loan interest discounts for applicants starting a business, with a total interest discount of 554,700 yuan.