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Feixian Drives Timber Industry by Finance

Source：The seanews 09-02-2022 09:54:00

In recent years, the People's Bank of China (PBC), Feixian Sub-branch has driven the traditional timber industry by finance to unleash its new driving forces and enhance its innovation advantage, thus creating an industrial cluster with a complete industrial chain covering veneer, board & panel and furniture.

PBC Feixian Sub-branch has pushed for the establishment of the first sub-branch of China Construction Bank, the Shandong Branch with the feature of inclusive finance in Shandong, fully leveraging the advantage of big data to boost loan review efficiency. Since its establishment, the sub-branch has established credit relations with 1,623 timber enterprises and issued a total of 2.261 billion yuan in loans.

To meet the financial demand of the three major parks in Feixian and promote the development of the timber industry chain, PBC Feixian Sub-branch has issued the Opinions on Financial Support for the Transformation and Upgrading of the Timber Industry along with the Feixian Financial Service Center and the Feixian Bureau of Industry and Information Technology. The county treasure of Feixian has set up a special support fund of 100 million yuan for industrial development, and increased the amount by 10% annually. The fund is intended to fully subsidize on-lending funds and guarantee deposits for the transformation and upgrading of timber enterprises. A sum of 560 million yuan has been used to date.