Changzhou-headquartered Jiangnan Rural Commercial Bank granted its first patent-collateralized loan at the end of last month.

It extended 12 million yuan in loans to local high-tech company Lianli Automation Technology. Founded in 2001, the company specializes in power supplies used in coal mines, automated controls and telecommunications. It has been granted 25 patents on its proprietary technologies.

Jiangnan Bank, China's first city-level rural commercial bank, says its program offers high limits and convenient procedures for patent-backed loans.

(Source: China Daily)