Suzhou New District (SND) in Jiangsu province recently launched the “fintech service spring action” for 2018 to help small-and-medium-sized science and technology enterprises learn about financial policies and deal with financing difficulties.
The action was initiated by the SND science and technology innovation office in 2016 and won the office the title of “top ten Jiangsu province fintech service organizations” in 2017. The office was also designated as a province-level financial technology base for the science and technology service industry. With help from SND science technology financial services center and banks, the action has had fruitful results.
In 2017, the action helped 161 enterprises in Suzhou New District gain science and technology loans of more than one billion yuan ($159.6 million) for municipal and provincial projects; 126 enterprises received approval for financial projects at the municipal level and above and got 9.28 million yuan as subsidies; 137 enterprises gained subsidized loans from the district; 59 enterprises gained district-level science and technology insurance subsidies of 2.42 million yuan, and were authorized to transfer risks of 24.8 billion yuan by entrusting insurance institutes; and five enterprises were listed as Jiangsu top 100 potential science-and-technology enterprises.
In recent years, SND has been improving services models for science-and-technology finance by providing one-stop services and sending financial technology specials to towns. Prioritizing help for small and medium-sized enterprises, SND is able to provide services for enterprise investment, credit, insurance, and project applications. The SND science and technology innovation office intends to further develop the “fintech service spring action”, improve cooperation with banks and encourage State-owned enterprise to support science and technology companies.