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Earthquake Relief Loan of RMB 30 Million Approved in Half a Day via "Green Credit Channel"


2008-05-30

On May 27, Bank of China Henan Branch made a special loan of RMB 30 million to Hualan Biological Engineering Inc. to support the production of human immune medicines. The earthquake relief loan went through the "green credit channel" under the guidance of Bank of China Head Office. Thanks to the "green credit channel", the company managed to finish procedures and get the loan in half a day.

Hualan Biological Engineering Inc. is a pharmaceutical enterprise specializing in the production of biological vaccines and human immunoglobulins. After the outbreak of the Sichuan earthquake, the company started to produce "human tetanus immunoglobulins" round-the-clock upon the urgent requirement of health authorities in the earthquake-stricken region. However, the company was confronted with shortage of funds due to the unexpected heavy production.

After learning about this situation, Bank of China Xinxiang Branch in Henan Province immediately reported it to the provincial branch. The leaders of the provincial branch responded that full support will be provided as long as it is for earthquake relief.

Despite the tight credit at that time, Henan branch managed to get an timely earthquake relief loan of RMB 30 million through the "green credit channel" thanks to the close collaboration of the bank's branches at all levels on the principle of handling issues based on urgency and priorities. It only took half a day to complete all the procedures including application, preparation of loan formalities, loan size arrangement, interest rate approval and credit extension approval. In the end, Hualan Biological Engineering Inc. successfully got the loan of RMB 30 million on May 27.

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