Yuexi, Anhui: Financial assistance makes sericulture enterprises burst with vitality
On February 9, in the production workshop of Lianfeng Silk Making Company in Yuexi County, Anhui Province, machines roared, cocoons and silk shuttled, and workers were busy weaving pieces of “Galaxy”. However, during the same period last year, such a busy scene was a “luxury expectation” for the company leader Wu Jinmiao.
“Last year, everything that could be mortgaged was mortgaged, and everything that could be borrowed was borrowed. The government also subsidized some funds, but it was only a drop in the bucket, and the pressure on capital turnover was still huge.” Wu Jinmiao said.
Yuexi is the “Hometown of Sericulture in China”. The scale of sericulture production has ranked first in the province for 13 consecutive years. There are currently 80,000 acres of mulberry gardens, forming a full industrial chain of sericulture, silk reeling, silk making, and processing. It has led 16,700 sericulture farmers in the county to embark on the road of becoming rich by growing mulberry and raising sericulture. Lianfeng Silk Making Company is a “heavyweight screw” in the sericulture industry chain in Yuexi County. In recent years, affected by the epidemic and other factors, several original cocoon purchasing companies in Yuexi County have switched to investing in other industries. Only Lianfeng Silk Making Company is still insisting on purchasing cocoons. Faced with all the acquisitions in the county, corporate liquidity is stretched thin.
Just when Wu Jinmiao was at a loss, staff from the Anqing Branch of China Construction Bank came to Yuexi, visited the sericulture enterprise, and proposed “government policy guidance and guarantee, village collective mid-end financing acquisition, leading enterprise underwriting guarantee, and special account for withdrawn funds” “Closed-loop management” bailout model, and the special financial product “Yunong Quick Loan” to solve the funding gap problem of sericulture enterprises. In just two weeks, the bank financed nearly 10 million yuan for sericulture enterprises in seven villages and towns in Yuexi. The funds can achieve at least four recycling purchases within a year, adding up to a total of nearly 40 million yuan in the purchase of silkworm cocoons.
Sufficient capital injection is like a source of running water, making the sericulture enterprises in Yuexi County come alive and turn around. In August 2022, Lianfeng Silk Making Company was recognized as a high-tech enterprise. The Anqing Branch of China Construction Bank immediately contacted the Technology Guarantee Company to raise 5 million yuan for the enterprise through “technology loans”. “I’m really touched.” Wu Jinmiao said that the bank has truly implemented the “one change to two” work into action and helped the development of the real economy.
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