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Beijing News reported that according to Hunan Daily, the launching ceremony of Hunan Province Grain Purchase Loan Credit Guarantee Fund was held in Changsha recently, which means that the first phase of fundraising for Hunan Province Grain Purchase Loan Credit Guarantee Fund has been successfully completed and the fund has officially started operation.

The Grain Purchase Loan Credit Guarantee Fund was established by the Provincial Bureau of Grain and Material Reserves, the Provincial Department of Finance and the Hunan Supervision Bureau of the State Financial Supervision Administration at the end of last year, with an initial scale of 500 million yuan. The fund was raised in two phases. The first phase raised 105 participating enterprises, with a paid-in fund scale of 122.57 million yuan, and the loan scale can reach 800 million to 1 billion yuan. So far, the three cooperative banks, the Hunan Branch of the Agricultural Development Bank of China, the Hunan Bank and the Hunan Branch of the Agricultural Bank of China, have successfully issued loans of 142 million yuan to 41 enterprises, which can support the market-oriented grain purchase of 50,000 tons.

"Most of the current grain companies, especially private small and micro enterprises, have weak foundations, few effective assets, and low credit ratings. Banks are reluctant to lend and dare not lend." Tan Shimin, deputy director of the Provincial Bureau of Grain and Material Reserves, introduced that the operation of the grain purchase loan credit guarantee fund will effectively alleviate the difficulties and high costs of financing faced by grain companies in market-oriented purchases and production and operations, meet the purchase funding needs of multiple entities, and ensure that "there is money to buy grain."

It is reported that with the strong promotion and guarantee of the Provincial Bureau of Grain and Material Reserves and other departments, the first phase of the fund has basically achieved healthy operation. At present, the Provincial Bureau of Grain and Material Reserves is actively and efficiently promoting the fundraising of the second phase of the fund, further expanding the scale of the fund, better serving the market-oriented procurement of grain and promoting the high-quality development of Hunan's grain industry.

Editor: Tang Zheng