"Guangdong Province Issues Several Measures to Support the Development of Individual Business Owners"

People’s Finance News, April 7—The Guangdong Provincial Development and Reform Commission issued the “Several Measures of Guangdong Province to Support the Development of Individual Businesses.” Among other things, it calls for supporting banking institutions in establishing online, efficient connection channels with individual businesses. Relying on the “Yuexin Huishang (Individual Businesses Zone)” platform of the Yuexinfu platform and other onshore financing credit service platforms, and in accordance with laws and regulations, sharing government affairs data with banking institutions. It encourages banking institutions to build intelligent assessment and risk-control models based on features such as the credit risk tiering and results of division and categorization of individual businesses, and to innovate and develop dedicated credit products. Promote models such as “borrow and repay as needed” and “continue loans without repaying principal,” so as to better align loan tenures with operating cycles and meet the short-term and seasonal funding needs of individual businesses. Advance the “Xinghuo Loan” special campaign for inclusive financial services; according to the principles of risk pricing and ensuring that returns cover costs, reasonably determine loan interest rates and expand credit disbursement to individual businesses. For eligible financing guarantee businesses of individual businesses, provide guarantee fee subsidies and compensation for defaults. Guide banking institutions to offer comprehensive financial services to individual businesses, such as clearing and settlement, payroll disbursement, bid/performance guarantees, factoring, and more.