Wenling Qianjia Pump Company Acquires More than RMB 5 Billion to Accelerate Pump Industry Transformation and Upgrade

Summary: Since the beginning of this year, Wenling Bank has taken the opportunity to speed up the transformation and upgrading of the pump industry to provide credit support to the local pump industry and help pump companies to solve their production funding difficulties. As of March 25, Wenling Financial Institution's loan balance to the pump industry reached more than 5 billion yuan, supporting more than 1,000 pump companies to expand production to meet the supply of agricultural pumps necessary for spring plowing and ploughing.

In recent years, due to the economic and financial situation at home and abroad, some pumping companies in Wenling have encountered financial difficulties and other operational difficulties. To this end, Wenling Banking has solved the financing difficulties that plagued the development of pump companies. The local banking supervision department organized various financial institutions to carry out research on pump finance requirements in the city. After listening to the requirements of the financial services provided by the company’s veterans and financial staff, “Taizhou Banking Industry further supported the transformation and upgrading of Wenling Pumps to modern industrial clusters. "Implementation Opinions" gives priority to the pump industry in terms of credit policy and supports, giving priority to supporting local key pump SMEs, prioritizing support for green, energy-saving and high-tech pump companies, and giving priority to supporting growing small and micro-pump companies. Supported the production service projects such as pump design, R&D, sales, and public service platforms. With the help of the Wenling Industrial Economics Bureau and the township industrial offices, 146 pump companies were selected as the key support according to the “four priority” requirements. The object, for the bank's choice, provides the convenience for the banks to expand their pump customers. As of March 25, the total loans of these 146 pump companies have reached 1.92 billion yuan, with an average loan balance of 13.15 million yuan.

During this Wenling Banking support for pumping companies, various banks used the characteristics of the Bank’s credit products according to the different needs of the company and “transfused” the pump companies. For example, Wenling ABC vigorously expanded bank acceptance bills, trade financing and other businesses while using the existing credit scale. It also actively carried out internal guarantee foreign loan business such as export agency payments, and introduced foreign bank funds to solve pump financing difficulties. Wenling Industrial Bank adjusted its credit structure, leaned toward the pump industry on the scale of loans, and used new products such as online lending and solid loans to support the development of the pump industry. Taizhou Bank fully reduced the charges for the pump industry and reduced corporate finance costs. Zhejiang Tailong Commercial Bank promoted the online loan business in Wenling pumping company. The customer can apply for loans at home with a little mouse, simplifying the procedures for small and micro pump companies. Each bank has its own supernatural power to identify its target customers and to use its strengths and functions in supporting pump companies to expand production.