Loan program boosts high-quality development of Jinan

In order to promote the policy of supporting entrepreneurship guarantee loans and related business in Jinan, capital of Shandong province, and to help more market entities start their businesses, the Jinan Public Employment Service Center and Jinan Financing Guarantee Group jointly launched the Jidan Entrepreneurship Loan after closely coordinating with Qilu Bank.

Fang Qingjing, head of a small and micro-sized enterprise that provides teaching facilities for schools, expanded some new businesses this year. However, the demand for funds has become a big issue after the business began to thrive. During this difficult time, Qilu Bank provided a loan of 200,000 yuan ($27,463) to Fang after the Jidan Entrepreneurship Loan was established. The quickly available funds not only solved the company's urgent needs, but the government's subsidy policy also saved more than 10,000 yuan in financial costs for the company. As a result, Fang became the first beneficiary of the project.

Jidan Entrepreneurship Loan established a cooperative model jointly promoted and risk-shared by the human resources department, financing guarantee group and banks. It is a breakthrough and beneficial exploration of entrepreneurship guarantee loans in the city, which plays a positive role in stabilizing employment and maintaining the foundation of economic development.

The main features of this business are the government guarantee, interest subsidies and no fees. It supports entrepreneurship and truly focuses on the customer, effectively addressing the difficulties of financing and guarantee for SMEs. Urban registered unemployed people, veterans, college graduates, and other entrepreneurs are all eligible to apply. The maximum loan limit per entity is 300,000 yuan, with a maximum loan term of three years and a maximum of three service times, totaling up to nine years.

The actual interest rate is as low as 2.05 percent. SMEs can borrow up to 3 million yuan, with a maximum loan term of two years and a maximum of three-time loans, totaling up to six years. The government provides a 2-percent interest subsidy.

As a local legal bank rooted in Jinan for 27 years, Qilu Bank adheres to its market position of serving urban and rural residents, and serving the local economy. Leveraging the advantages of high-efficiency decision making and fast market response, it will fully promote the Jidan Entrepreneurship Loan and provide loans to the fullest extent. It will contribute to the construction of Jinan in the new era of "building a strong, prosperous, beautiful and high-quality" society, continuously contributing to the financial strength of Shandong province.