The provincial governmental department of science and technology recently signed an agreement with the Jilin branch of China Construction Bank Corp to offer a 3 billion yuan credit line using intellectual property as loan collateral.

The first program of its kind in the northeast province, the new credit model is designed for individuals and small and medium-sized enterprises (SMEs) with good growth prospects that are short of capital in their initial development.

The new service hopes to resolve financing difficulties faced by tech-based SMEs and promote self-developed innovation, said Mao Jian, chief of the department.

(Source: China Daily)