“This loan couldn’t have come at a better time. It has a low-interest rate, and we can also apply for a 50% interest subsidy from the Municipal Science and Technology Bureau, saving us a significant amount in production and R&D costs,” commended the representative of Fujian Hongfeng Nanotechnology Co., Ltd., after receiving a 1 million yuan “Sanming City Technology Delegate Innovation and Entrepreneurship Loan” (referred to as “Tech Delegate Loan”) from IB’s Sanming branch.
The well-received “Tech Delegate Loan,” jointly created by IB and the Sanming Municipal Science and Technology Bureau, leverages the city-level policy-oriented preferential loan risk-sharing pool. It provides working capital loans and fixed asset loans to enterprises serviced by qualified technology delegates. The maximum amount for the “Tech Delegate Loan” can reach up to 3 million yuan, with the interest rate not exceeding the corresponding LPR for the same period. Borrowers can also apply for an additional interest subsidy of up to 50% of the one-year LPR from the Sanming Municipal Science and Technology Bureau.
On November 28, 2023, the IB’s Sanming branch, in collaboration with the Sanming Municipal Science and Technology Bureau, hosted the “Tech Delegate Loan” symposium and a financial services connection event for financial delegates. Nearly 50 entrepreneurs and technology delegates attended, where IB and about 20 companies, including Fujian Hongfeng Nanotechnology Co., Ltd., reached financing intentions on the spot, totaling 200 million yuan.
In August of this year, IB, drawing inspiration from the technology delegate system, introduced the Industrial Bank’s Financial Delegate Work System. This system allows financial delegates to serve as financial advisors to governments and businesses, establishing “one-on-one” pairing relationships. This approach truly harnesses the commercial bank’s ability to connect various industries, offering clients comprehensive services covering their entire lifecycle and effectively assisting governments and enterprises in resolving challenges.
This financial delegate system was first piloted in Zhejiang. With the successful implementation and promotion of the “Financial Delegate” system, IB, building on its established long-term information communication mechanism with the Sanming Municipal Science and Technology Bureau, officially experimented with the “Fintech Delegate” model in Sanming. This model aims to rejuvenate rural areas by combining financial and technology delegates to understand and serve rural communities, support agriculture, assist farmers, and create a government-bank-enterprise joint business model. This approach channels financial resources directly to rural areas, seamlessly connecting financial delegates, technology delegates, government departments, farmers, and agricultural enterprises.
“Next, IB will base its efforts on regional realities, initially replicating and promoting the integrated ‘Fintech Delegate’ model for rural revitalization within Fujian Province. Upon maturation, the model will be further expanded,” stated the responsible person from IB’s Inclusive Finance Department/Rural Revitalization Department.