Innovative financial support empowers businesses in Shandong

An employee works at a factory in Dong'e county. [Photo by Hou Changming for chinadaily.com.cm]

The recent approval of a loan of 10 million yuan ($1.4 million) has left Wang Peng, financial director of Jixiang Ejiao Products Co in Dong'e county in Shandong province, thankful for the local government's innovative financial support.

"I never expected that we could secure a loan using our patented technology," Wang said. His company is dedicated to improving production processes and technological equipment related to ejiao, or donkey-hide gelatin. It holds 15 patented technologies.

With the coordination of the "financial steward" service team in Dong'e county, Weifang Bank's Dong'e branch has provided Wang's company a combined loan of 10 million yuan, with 5 million yuan secured through the company's patented technology.

Since 2023, 12 enterprises in Dong'e county have benefited from the intellectual property pledge loan policy, with a total of more than 100 million yuan in loans handed out.

The county has launched a "financial steward" pilot program to offer financial support for the high-quality development of the local economy. Focusing on key areas, the county is guiding financial institutions to increase credit allocation.

"Next, we will continue to explore a diversified financial product system that meets the practical needs of enterprises, better serving the development of the real economy," said Fu Bin, director of the county's financial development center. (Edited by Yang Yi)