Tianjin has launched an online platform to provide small and micro businesses with loans based on credit instead of collateral in a bid to ease the financing difficulties of these small enterprises.

Initiated collaboratively by the Tianjin Municipal Bureau of Financial Affairs and Tianjin Municipal Taxation Administration, the 24-hour platform officially started its service on May 25, 2019.  

By the end of Sept 2019, the online loan service had helped more than 3,400 enterprises with a loan balance 1.435 billion yuan.

Mr Han, senior executive of Tianjin Langni Technology Development Company, a  private company in the industrial automation sector, got a 1.449 million yuan loan on the platform in just five minutes with a good tax record.

According to an official, some preferential measures will be implemented, such as improving the monetary policy transmission system, using various money and credit policy tools, and encouraging financial institutions to increase credit to smaller companies.