To support the development of micro-small enterprises which are driven by technological innovation, North New District of Liangjiang New Area signed a strategic cooperation agreement with the Industrial Bank Chongqing Branch on December 19.

On the signing ceremony, 11 small and micro enterprises received notices of loan approval, with the total amount of 4.45 million yuan ($ 0.71 million). Ling Yueming, director of Liangjiang New Area Administrative Committee attended the signing ceremony.

Under the agreement, sharing the risks with Industrial Bank Chongqing Branch, North New District will issue a special fund of 200 million yuan to provide loans to micro-small enterprises which are driven by technological innovation within the district. Any eligible enterprise can apply a one-year loan of 500,000 yuan with a preferential lending rate.

Ling Yueming said that this project aims to solve the financial difficulties of technological innovation-oriented enterprises and speed up their development.

As reported, North New District has collaborated with banks to explore new models of corporate financing, and has arranged one billion yuan to set up Liangjiang New Area Technological Innovation Fund.