File photo/VCG

Changzhou has set in motion the application process of a special loan for SMEs and micro businesses to support them to resume work and also ensure the stable development of tourism and culture industries.

The financial incentive was jointly launched by the city’s bureaus of culture, radio, television and tourism, finance and financial supervision.

In the scheme, banking financial institutions will meet the working capital requirements of companies in culture and tourism sectors to help them resume work amid the impacts of the COVID-19 outbreak. Such companies range from those operating in scenic spots to travel agencies, restaurants, cultural and tourism firms. The priority is to support SMEs and micro businesses.

Changzhou will allocate a total of two billion yuan from April 1 to June 30 to support those companies on the principle of inclusiveness and diversity. A company can apply for a subsidized loan of 10 million yuan at most, and the limit is 2 million yuan for individuals. The time limit for the discounted interest is for one year at most.

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