Better access to sti finance should not only address the issue of access to credit for creative enterprises, but should also adequately match the needs of creative enterprises in terms of volume, duration, interest rates, etc., especially with regard to the financing needs of traditional firms to promote their own transformations in sti capacity. In addition to providing standardized credit services, finance should also provide insight into the development prospects of enterprises and the value of soft power, and provide enterprises with credit enhancement services in addition to standard credit products, by assessing the value of their technology。
In a recent interview with zhejiang yunyon ikang cooking tool ltd. (hereinafter “icon cooking tool”), the financial times journalist learned that the company had been a high-end cooking power manufacturer for exports from japan and germany, but that changes in the market environment had necessitated greater investment in the domestic market, with technology and design being the most important inputs for the transformation of enterprises. From a foreign trade processing enterprise to high-technology enterprises with autonomous r & d design capabilities, the transition faces increasing financial pressures。
“enterprises need to be developed in a way that is adequate. We are an unlisted enterprise, and banks are our only source of financing. From foreign trade processing to deep-tilled domestic markets, the transformation of standardized single product production to diversified product innovation and design can be achieved. In addition to building our own research and development teams, we have also established cooperation with the zhejiang polytechnic university and hangzhou university of science and technology in the field of productive research. In addition to applying for numerous patents, our products have been awarded international prizes. The soft power has increased, but the expansion will certainly require considerable funding.” chen ning, director general of ican cooks, told the press。
“when we were worried about the lack of funds, wenzhou bank staff came to the house to learn about the business and the financial needs of the company, to give us 10 million yuan in letters of credit, which are mortgage-free. Later, $10 million was insufficient, and wenzhou bank, aware that we had obtained multiple patents, helped us to register on the people's bank of china's movable property finance registration platform and disbursed a further $2 million in loans to businesses. At the same time, it has helped us to secure the government's policy of discounts.” chen ning told the journalist that “the services of the bank of wenchuan are in place and that we are not available so that the funding problem can be resolved”
“we look not only at the financial statements of the enterprise, but also at the technological reserves and channel values of the enterprise, so that `intelligence' becomes a real `assets'.” zhang deng, managing director, li shui branch, bank of wenzhou. It was described that, following a visit to the study, the bank of weinzhou li shui had learned of the need for icon cookers, on the one hand, on the basis of the market value of the company's core patents, innovatively introduced the “intellectual property pledge” programme based on the original $10 million net credit awards, adding an additional $2 million in credit funding to the enterprise; and, on the other hand, through the “concessionary plus non-repayable loan” policy portfolio, accurately invested $12 million in upgrading the firm's smart production line, helping firms to produce downside efficiency gains, which were expected to reduce by about 20 per cent the cost of materials to enterprises。
According to the concerned heads of the bank of wenchuan, the bank of wenzhou has given high priority to the development of science and technology finance. It has set up a system of master's offices, branches and branches to provide support. It has set up a two-tier unit to coordinate the promotion and management of finance and has set up pilot projects in five cities: wenzhou, shanghai, hangzhou, ningbo and ka xing. It has decentralized operational approvals, granted 30 million yuan to the pilot branch, 10 million yuan to the pilot branch, increased the efficiency of lending to science- and technology-based enterprises and improved due diligence exemption mechanisms, increased tolerance for micro-enterprises to 3 per cent and reduced the concerns of client managers. The bank, in collaboration with the city of wenchuan science and technology authority, has developed and launched the province-wide first science and technology results loan, which has given wenzhou's one-hong five valley science and technology results loan advance credit of $12 billion. The access to credit codes on the “indicative loans” line has made it easier for enterprises to obtain loans more widely, to make their loans faster and to contract more easily. The city has been invited to introduce products such as “co-lending”, which has been awarded a maximum of $30 million to technology-based enterprises. It also launched the talent loan, an online and exclusive link to the winzhou talent house, which provides up to $10 million in credit guarantee-type loans for professional talent. In addition, the bank has strengthened its links with government industrial funds and venture (885413) institutions to explore the development of “loans + direct external investment”, which has generated a cumulative sum of 350 million yuan in funding for technology-based enterprises。
