Beijing’s Daxing district rolls out a BFHG channel, a comprehensive financial service platform for small and micro enterprises. [Photo provided by Daxing district]

Beijing’s Daxing district took the lead by opening a comprehensive financial service channel for the city’s small and micro enterprises.

To date, the platform has attracted 24,482 enterprises interested in its credit lines worth up to 4.84 billion yuan ($690.11 million), knowing that its registrations and financing amounts rank first in the city.

At the beginning of the novel coronavirus (COVID-19) epidemic, a medical device manufacturer in Daxing took the initiative to increase production lines of disposable medical masks, in respond to the call to pitch up prevention and control efforts.

However, there was a gap in funding for equipment and raw materials. With the help of the district’s financial authority, the company immediately posted a financing demand of five million yuan on the platform.

Multiple banks in the country including Bank of Communications, Postal Savings Bank, China Construction Bank, and Industrial and Commercial Bank of China (ICBC) drew up loan plans for the enterprise based on its online corporate credit report.

ICBC was the first to approve the application of the enterprise, issuing a loan of five million yuan to it at a preferential interest rate of 2.05 percent. The enterprise went into production as soon as it obtained the funds and supplied the protective materials to the frontline.

The district also innovated service methods to facilitate other enterprises’ work with joint efforts of local authorities, associations and incubators.

It vows to give full play to the role of the platform by further strengthening its publicity and front-end services and implementing preferential policies to benefit more homegrown small and micro enterprises.