“It took less than a week from online application to granting the loan, and helped our company out.” Wang Wei (a pseudonym), a young farmer entrepreneur, spoke of IB’s “Tax E Loan”.
He comes from Fengle town, Feixi county, Hefei city, known as “town of fruits” and founded a fruits wholesale company based on plenty of fruits in this region, thus made a fortune soon. Given increasing demand of imported fruits in recent years, he seized the opportunity and invested hard-earned money of over RMB 1 million in opening up sale channel for imported fruits. However a problem occurred. There’s a lack of subsequent fund due to early huge investment. At that helpless moment, he found IB “Tax E Loan” on the website of Anhui Provincial Office, SAT which gave him hope. Thanks to the company's good taxation records, he can take out a credit loan designed for small and micro businesses by IB. Wang Wei submitted online application, and a personnel from IB came to Wang’s company the next day and a credit loan of RMB 1.5 million was approved.
“Tax E Loan” bank-tax interaction product is a new financing mode for small and micro businesses initiated by IB in cooperation with taxation departments. This mode realizes information interconnection between bank and taxation departments through which IB can make judgments and appraisals on operation and credit of small and micro businesses based on their taxation records, and the approval of a loan is shortened to several working days. It is quite convenient and effective since a company needs neither pledge nor guarantee and can make online application and disbursements and take out/repay a loan immediately at any time.
“Bank-tax interaction” solves two problems that concern small and micro businesses, namely, long-term approval and high threshold of bank loan, and boosts them to pay tax honestly and in accordance with the law. IB signed strategic cooperation agreements with taxation departments in a number of places, established bank-tax cooperation mechanism, and launched “bank-tax interaction” products for small and micro businesses in succession such as “Tax E Loan”, “Taxation Loan”, “Tax Credit Loan” and “Tax Bank Pass”. It is introduced that so far IB has granted “bank-tax interaction” loan of over RMB 0.6 billion for 149 enterprises that pay tax honestly.