A person applies for loans designed for small and micro-sized enterprises and individually-owned businesses in Changxing county of Huzhou by scanning a code. [Photo/hz66.com]

Enterprises from Huzhou's Changxing county are now able to apply for loans by scanning a QR code.

The service launched by the Zhejiang provincial market supervision authorities and the Zhejiang branch of the People's Bank of China is designed to provide better financing services for small and micro-sized enterprises and individually-owned businesses.

To date, a total of 429 companies and individually-owned businesses from the county have applied for loans by scanning QR codes, among which 274 have obtained the loans, with a combined value of 760 million yuan ($116.92 million).

The approval procedures for the loans applied for by scanning the codes can be completed within five workdays.

In addition, three officials from the local market supervision authorities have also been dispatched to collect feedback from the applicants to further improve the service.

The codes can be acquired both online and offline, with the offline channels including civic service centers, market supervision venues, as well as bank outlets.