Small and medium-sized science and technology enterprises in Hefei National High-tech Industry Development Zone will have easier access to loans, thanks to the zone's new support program.

As part of the program, the zone has cooperated with the Anhui provincial guarantee company to help streamline the approval processes of banks and financial institutions in order to provide cheaper and quicker loans to enterprises.

The two sides plan to help 100 sci-tech SMEs get financing support in a year.

Hefei private AI enterprise Ganyan recently became the first to benefit from the new program. It received a loan of 700,000 yuan ($100,257.03) from the Huishang Bank's branch in the zone.

A principal from the enterprise said the money will be mainly used in its R&D into AI applications, adding that in addition to financing support, the program also includes technical and talent services which are important in the startup stage.