The financial sector in Nantong has been offering its full support for the fight against the epidemic and promoting the development of the real economy since the beginning of the novel coronavirus (COVID-19) outbreak, local officials said.

According to the Nantong branch of the People’s Bank of China, financial institutions across the city have offered more than 28 billion yuan ($3.99 billion) in loans in February, 4.57 billion yuan more than the same period last year.

More than 52 million yuan in interest and other charges for companies and individuals have been waived.

Hai'an Rural Commercial Bank launched an epidemic prevention program on Feb 21, collecting 100 million yuan with an interest rate of 2.85 percent and a repayment period of six months. All money has been granted as loans to local businesses engaged in the production of essential supplies.

Throughout the epidemic, the Nantong branch of the People’s Bank of China has approved nearly 2 billion yuan in loans to help local companies survive the crisis.

Of this, more than 100 million yuan was loaned to essential supply companies at preferential interest rates. More than 300 million yuan was used to help small and micro-sized firms resume operations.

In addition, another 500 million yuan was recently approved to ensure normal agricultural production in spring.