Four banks in Hangzhou are expected to offer 8 billion yuan ($1.24 billion) worth of credit loans to local micro, small, and medium-sized companies, as well as industrial parks. [Photo/IC]

Credit loans worth 8 billion yuan ($1.24 billion) will be offered to micro, small, and medium-sized companies, as well as industrial parks in Hangzhou, capital of East China's Zhejiang province, over the next three years, local media reported on June 29.

The credit loans are expected to be issued by four banks, namely, the Bank of Hangzhou, the Hangzhou branches of the Bank of Communications and China Zheshang Bank, as well as Hangzhou United Bank, according to the special financial service project between the four banks and the Hangzhou municipal bureau of economy and information technology.

Each of the banks will offer 2 billion yuan in credit loans over the next three years and also offer the lowest loan rate to national-level industrial parks of micro and small companies, as well as these parks' high-quality companies in Hangzhou.

"We will attract more financial institutions to participate in the project in an effort to give a boost to the high-quality development of local micro, small, and medium-sized companies," said Wang Laisheng from the local bureau.

Statistics show that Hangzhou currently houses 21 national "little giant" companies and 36 provincial "hidden champion" companies. In 2020, 731 micro and small companies in the city were upgraded into companies with an annual output value of more than 20 million yuan.