Jinhua makes full use of big data to solve financing problems confronted by private enterprises

2019-04-17 15:47:51 source: ZJOL; By Wenchun Xue; Translator: Xiaodan Chen


To effectively solve the problems private enterprises confronted in making Loans, Jinhua Sub-Office of China Bank and Insurance Regulatory Commission (CBIRC) has promulgated the Action Plan of Jinhua's Banking Industry to Support the High-Quality Development of Private Economy to guide banking and financial institutions to explore new credit organization systems and change the "sweeping" credit mode that identifies only with mortgage into a credit mode that has 7 categories of big data as reference standards.


As of the end of last year, the total number of enterprises in Jinhua had reached 266,700, many of which have financing demand. "No mortgage, no loan" functions as the traditional credit mode of many commercial banks. The "high threshold" caused insurmountable difficulties to many private enterprises of financing demands, especially small and micro ones.

 

After the new policy is promulgated by Jinhua, the enterprises that satisfy the requirements of 7 categories of big data can apply for loan on credit to banks without offering traditional mortgages. The line of credit for each enterprise is based on its assessment results. The 7 categories of big data include the enterprise's clearing transaction data, bank loan documentation, taxation and tax payment list, supply chain and industry chain record, high-tech growth evaluation data, renewal duration of guaranteed loan, and intellectual property transferring data.


"It is really a surprise! We can make loans by providing only the purchase contract. There's no need for us to offer mortgages," the person in charge of Zhejiang Pheako Machinery Co., Ltd. said excitedly. Not long ago the company was engaged in the development of new molds, but was confronted with the problem of capital shortage. The customer manager found the enterprise's production, operation and sales in a good status, and issued a sci-tech typed credit loan of RMB 500,000 yuan the next day.


So far, the banking industry of Jinhua has issued credit loans of RMB 36.61 million  yuan to small and micro private enterprises in accumulative total, accounting for 80.78% of the gross credit loans of private enterprises.





(Executive Editor: Yongliu HE)


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