Financial empowerment, Jiangsu Bank Wuxi Branch supports the industrial upgrade of Wuxi manufacturing industry

From: Yangzi Evening News

To deeply promote the construction of a strong manufacturing province in Jiangsu, Jiangsu Province will implement a financial interest subsidy policy for manufacturing loans for three consecutive years starting in 2024. Jiangsu Bank Wuxi Branch, as a policy partner bank, actively fulfills the mission of financial services for the real economy, precisely aligning with the needs of enterprises for equipment renewal and industrial upgrading, successfully granting interest-subsidized loans to over sixty companies in Wuxi, providing professional and efficient financial services to support enterprise growth.

Bearings are referred to as the “joints” of machinery and are critical basic components in mechanical manufacturing. A certain bearing company in Wuxi, a veteran enterprise in the bearing manufacturing field, is constrained by aging equipment, hindering its pace of industrial upgrading and capacity expansion. After learning about this situation while assessing the company’s needs, Jiangsu Bank Wuxi Branch took the initiative to provide policy connection and services, seizing the window period of the manufacturing equipment interest subsidy policy, and assisting the company in completing the entire process of filing for inclusion. To expedite fund implementation, the bank quickly responded, promoting collaboration among front, middle, and back offices, and within a short period, approved 100 million yuan in equipment renewal loans for the company, with the first tranche of 30 million yuan rapidly disbursed to support the purchase of new equipment. The efficient implementation of funds not only helped the company complete equipment renewal and iteration but also assisted in expanding production scale, accelerating industrial upgrading and technological progress, revitalizing the development vigor of traditional manufacturing enterprises.

Specialized, sophisticated, and innovative enterprises are key areas covered by the manufacturing loan financial interest subsidy policy. A certain precision components technology company in Wuxi, as a national high-tech enterprise in Xishan District, faced significant developmental bottlenecks due to high upfront capital investment while advancing a project for a well-known American automotive parts supplier’s domain controller ECU casing and inverter casing. After understanding the company’s project progress and funding needs, the bank promptly recommended the “equipment renewal loan” product to the company, leveraging its professional credit approval system to achieve rapid business completion, not only efficiently addressing the company’s urgent needs but also significantly reducing financing costs through the financial interest subsidy policy, providing stable funding support for the smooth advancement of the project, and strongly supporting the company in seizing market opportunities and accelerating the implementation of high-end manufacturing projects.

The Jiangsu Province manufacturing loan financial interest subsidy policy has officially been in effect since 2024 and has now entered its third year. Now, this policy has become an important financial force for Jiangsu manufacturing enterprises to reduce financing costs and stimulate investment vitality, injecting strong momentum into the high-quality development of the regional real economy.

In the future, Jiangsu Bank Wuxi Branch will continue to deepen its financial services for the local manufacturing industry, enhance the long-term mechanism for promoting financial knowledge, accurately interpret and implement various financial policies benefiting enterprises, continuously optimize credit service processes, and innovate the financial product system. The bank will further integrate financial services into the overall development of the local socio-economic landscape, precisely connecting with the diversified needs of enterprises for equipment renewal, technological transformation, and industrial upgrading, providing high-quality, efficient, and professional financial services to benefit a wide range of enterprise clients, contributing continuously to the construction of a strong manufacturing province in Jiangsu and the high-quality development of the real economy. (Ding Mengyang)

Proofread by Wang Fei

Massive information and precise interpretation can be found in the Sina Finance APP.