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Beijing cultural industry issues investment and loan awards to 564 enterprises

(chinadaily.com.cn)|Updated : 2022-05-10

Beijing's cultural industry has issued 195 million yuan (28.94 million dollars) in "Investment and Loan Award" to 564 cultural enterprises and financial institutions. The release of funds increases the enthusiasm of financial institutions to support the development of the cultural industry, reduces the financing cost of cultural enterprises, and provides strong support for the stable development of the cultural industry.

The Award is an innovative measure to solve the problem of difficult and expensive financing for cultural enterprises, and an effective exploration to promote the development of the capital's cultural industry.

After obtaining equity financing and debt financing, both enterprises and financial institutions can receive incentive funds. The categories of incentives include loan discounts, financial leasing leasing discounts, equity financing incentives, bank incentives, and equity investment incentives.

Since the implementation of the policy in 2017, the accumulative support fund has reached nearly 2 billion yuan, a total of nearly 3,300 cultural enterprises and more than 200 financial institutions have benefited, and nearly 200 billion yuan in social capital has been stimulated. The loan discount alone has reduced the interest cost of enterprises by more than 30 percent.

Last year, in order to meet the new requirements for the high-quality development of the cultural industry and in view of the asset-light characteristics of cultural enterprises, the State-owned Cultural Assets Administration Center (SOCAAC) of Beijing Municipality optimized the policy, increased the proportion of equity financing support, and added a new listing on the Beijing Fourth Board Cultural and Creative Board award.

Beijing Zhencheng Zhinuo Investment Management Co., Ltd. is one of the financial institutions that won the equity investment award this time. A representative from the company said that although the policy has a limit of up to 1 million yuan per transaction, it has effectively improved the enthusiasm of investors.