Banks offer series of loans to boost growth

The effects of big data on small businesses at the Zhejiang branch are significant. Both the number of its clients receiving inclusive loans and the outstanding balance of loans have doubled every year since 2018. More than 90 percent of the growth was contributed by big data-based online products.

The branch offered a one-year working capital loan to furniture maker Hangzhou Xinnan Rattan and Bamboo Works Co Ltd at a rate of 3.8 percent this year. Currently, the company's outstanding balance of loans from the branch is 5 million yuan.

Operating as a self-managed export business since 1988, the company exports more than 90 percent of its products to over 40 countries and regions. The US accounted for about 30 percent of sales revenue followed by Europe (20 percent) and Australia (15 percent).

Its exports to several markets shrank this year due to the COVID-19 outbreak.

The company sent six employees to attend the 45th China International Furniture Fair (Guangzhou)2020 in July. Due to the pandemic, most buyers at the fair were from China.

"We are thinking about adjusting our business by putting more emphasis on the domestic market," said Zhu Lingqiang, general manager of the company.

Unlike the firm's international clients, many of whom are furniture retailers doing business online and offline, most domestic clients are small restaurant owners who place orders for a few custom-made chairs.

"It means we have to change our mode of production… and we must consider developing a series of products targeting the domestic market," Zhu said.

He plans to lease land of at least 10,000 square meters to build another plant when the pandemic ends in hopes of doubling the company's production capacity.