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Special SME funds open for applications

By Li Wenfang (China Daily)
Updated: 2008-09-22 13:55

Special funds allocated for this year for the development of small- and medium- sized enterprises (SMEs) are open for applications to promote restructuring, technological innovation, market exploration and brand building.

The announcement was made by the Ministry of Industry and Information Technology and the Ministry of Finance earlier this month.

The funds are also for promoting the development of credit guarantee institutions and for helping SMEs in areas hit by the massive earthquake in May, as well as SMEs in some difficult industries such as textiles.

The capital is to be used mainly in fixed-asset investment, subsidies for credit guarantee services for SMEs and subsidies for those attending the China International Small and Medium Enterprises Fair.

In the fixed-asset investment category, SMEs can apply the funds for:

Structural adjustment. Crucial is the adoption of new products, new technology and craft, and the promotion of industrial upgrades, industrial transfer and technological innovation in saving energy and cutting emissions.

Services for industrial clusters. The keys are technology innovation in providing technology, testing services and centralized pollution treatment to SMEs.

Construction projects in regions and industries experiencing difficulties. The keys are in comprehensive exploitation of resources and reconstruction projects in the regions worst hit by the May earthquake. The keys also include technology innovation of textile SMEs with propriety brands and substantial export potential.

Projects for creating jobs, with the focus on labor-intensive and agricultural produce processing and innovation in enterprises serving the manufacturing sector.

The sum of free subsidies should not exceed 6 percent of the fixed-asset investment or the entire capital invested by the enterprise itself.

As for credit guarantee services for SMEs, subsidies will go to the institutions actively providing such services and to the types of services with relatively low rates charged.

The subsidy for each project in the category should not exceed the sum of 1 percent of a single credit guarantee project valued under 3 million yuan and 0.5 percent of a single credit guarantee project valued under 8 million yuan in 2007.

In the above services, if the charging rate is 30 percent lower than banks' basic lending rate, the credit guarantee institution will receive additional subsidy no higher than 0.5 percent of the contract value. Any subsidy for each enterprise should not exceed 3 million yuan.

Finally, those attending the China International Small and Medium Enterprises Fair, excluding those from Hong Kong, Macao and Taiwan, will receive subsidies for the cost of booths.

Each SME attending the fair will receive 3,000 yuan for renting each standard booth. Those from the 51 counties worst hit by earthquake, will receive an additional 3,800 yuan for renting each standard booth.

SMEs applying for the fund should submit documents in both electronic and paper forms.