Torch innovation credits to help science and technology enterprises thrive

The development of scientific and technological enterprises cannot be separated from financing support, and financial innovative products are needed to help enterprises grow. However, in the development process of science and technology enterprises, there are generally characteristics of "large investment, long cycle, light assets, and no collateral", and it is often difficult to obtain financial resources according to the traditional credit evaluation system.

Youlong Rubber & Plastic Precision Manufacturing Co., Ltd. is located in Tongan Town, Suzhou High-tech Zone, is a research and development, design, production of silicone rubber products, plastic products, molds, hardware as one of the diversified enterprises. The company focuses on plate molding, injection molding, liquid silicone injection, liquid silicone transfer and coating molding process, currently has more than 40 valid patent technologies, and has passed a number of international quality system certification.

Ren Xiaowu, chairman of Suzhou Youlong Rubber and Plastic Precision Manufacturing Co., LTD., told reporters: The company has invested a lot of money in new material research and development and mold design, and has been improved in terms of market competitiveness.

In the process of visiting the enterprise, the staff of the Tongan branch of the Agricultural Bank of Suzhou New Area learned that the enterprise needs to reserve a rolling inventory of raw materials for 2 months, which causes the daily liquidity to be tight. In addition, in recent years, enterprises have focused on increasing investment in research and development, from the traditional simple manufacturing supporting to the transformation of design and production diversified services, and more funds are needed for the design team's scientific innovation research and development.

Lu Rongsheng, president of Tongan Branch of Suzhou New District of Agricultural Bank of China, said:

We have learned that the enterprise has a relatively large demand for credit this time. In the early stage, we conducted a survey on the innovation situation of the enterprise, and the situation met the requirements of the "Torch innovation credit" product, so we increased the credit to 10 million, solving the difficulties of the enterprise. This is also the first torch innovation credit in the Agricultural Bank of China system in the province.

Agricultural Bank of China's "Torch innovation credit" is a new policy tool for quantitative evaluation launched by the Torch Center of the Ministry of Science and Technology. "Enterprise innovation points" is integrated into the credit model of commercial banks to evaluate scientific and technological enterprises, and gives exclusive credit support to enterprises whose annual innovation points are higher than 60 points published by the Torch Center, or enterprises ranked in the top 10% of innovation points assessed by the National high-tech industrial Development Zone. Ren Xiaowu's enterprise was rated as a specialized and special new small and medium-sized enterprise in 2022, and the current innovation points have reached the requirements of the Torch innovation points loan project.
With the continuous injection of Suzhou Agricultural Bank financial living water, the company successfully solved the capital dilemma. "Torch innovation credit" has also strengthened the original intention of the enterprise leader to strengthen technology research and development, because the higher the innovation credit, the larger the loan amount.

Agricultural Bank of Suzhou New District branch vice president Kuai Jiandong said：

First, Agricultural Bank of China has deeply learned the spirit of the Central Financial Work Conference.
Second, in order to build a scientific and creative financial highland, Agricultural Bank of China, as a member of the state-owned bank, has also actively participated in this work. Strengthen the visit of science and technology enterprises, and timely find some needs of enterprises. The integration of the industry's internal credit products better fits the (financing) needs of enterprises. 
Third, interest rate concessions, increase interest rate concessions for enterprises, so as to reduce the financing cost of enterprises.

The Central Financial Work Conference proposed that financial institutions should do a good job in five major articles, including this big article on science and technology finance. In recent years, the Suzhou branch of Agricultural Bank of China has seized the market opportunities for the expansion of scientific and technological innovation enterprises, optimized the financial services of scientific and technological innovation, vigorously promoted the "Torch innovation integral loan", "specialized and special new small giant loan" and other products, accurately docking the needs of enterprises, and cumulatively served more than 1,600 national and provincial specialized and special new "small giant" enterprises, and provided more than 60 billion yuan of funds for scientific and technological innovation enterprises. It will effectively support high-quality development of the regional economy.

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