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Technology-development loans promote enterprise transformation and upgrading

“With the beneficial technology-development loans, we are now more confident in our technological research and development and the transformation of production lines.” said a Manager Luo from the Lvyi Oil Pump Co. Ltd., a technological enterprise of YuyaoCounty.

Currently, as an increasing number of enterprises are focusing on the mastering of core technologies as the key of their transformation and upgrading, the shortage of fund for scientific research is becoming increasingly prominent. To address the problem, Yuyao County has adopted the “technology + finance” to strengthen the financial support to the technological enterprises in such aspects as reducing the banks’ loan concerns, enlarging the loan coverage, increasing the amount of cooperative banks for more services, and docking with high-tech enterprises.

For example, the Lvyi Oil Pump Co. Ltd. achieved the main business income of nearly 100 million yuan in 2018. With the increasingly fierce competition,

the enterprise must strengthen its input in R&D and technological updating if it wants to achieve an annual main business income of over 100 million yuan. “According to the policies in the past, the enterprises with an annual sales volume of over 50 million yuan cannot enjoy the beneficial technology-development loans. At the end of 2018, the county revised the policies concerned, so that all the technological enterprises with both the registration place and taxation place located inYuyaoCountyare entitled to the technology-development loans,” said Manager Luo. Early this year, the company managed to get a technology loan of five million yuan, thus solving its problem of fund shortage.

“By lowering the threshold for technology-development loan and enlarging the loan coverage rate of enterprises, we have effectively motivated the research and development enthusiasm and investment of key technological enterprises, and meanwhile providing for banks more prospective borrowers of high security.” said a person in charge from Yuyao County Science and Technology Bureau. So far, 15 out of the enterprises applying for the technology-development loans are those with an annual sales volume of over 50 million yuan, accounting for 30% of the total.

With the refined classification and precise policies, the technology-development loans ofYuyaoCountyhave witnessed a dramatic increase. By the end of May, the newly added technology-development loans reached 100.5 million yuan, benefiting 41 enterprises. The balance of the technology-development loans stood at 114.77 million yuan, up by 432% over the same period of last year

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