The Foshan High-tech Zone Financing Guarantee Loan, jointly established by the Foshan Financing Guarantee Fund and the Administrative Committee of the Foshan High-tech Zone, issued its first lending to Foshan Weiming Plastic Co., Ltd. recently.

Foshan Weiming Plastic, located in Gaoming Park of Foshan High-tech Zone, received 9 million yuan ($1.34 million) in loan support.

Last November, the Administrative Committee of the Foshan High-tech Zone invested 20 million yuan to set up a special cooperation fund pool for the Foshan High-tech Zone Financing Guarantee Loan. The Foshan Financing Guarantee Fund will further guide financial institutions to increase credit support for small, medium and micro enterprises in the zone.

Foshan High-tech Zone Financing Guarantee Loan is founded last November. [Photo provided to chinadaily.com.cn]

As of June this year, the zone’s management committee has signed cooperation agreements with two cooperative banks, Foshan Rural Commercial Bank and Nanhai Rural Commercial Bank.

Foshan Weiming Plastic is located in Gaoming Park of the Foshan High-tech Zone. [Photo provided to chinadaily.com.cn]

A relevant person in charge of Foshan Weiming Plastic said that in order to meet the growing market demand of recent years, the company has implemented production expansion and equipment upgrades. The loan supports the financial needs of enterprises in a timely manner.

The zone’s management committee will continue to guide financial institutions to increase credit support for small and medium-sized enterprises in the zone, and form a synergy with the support policy of the Foshan Financing Guarantee Fund to solve the financing problems of small and medium-sized enterprises in the zone.