Home » Government Procurement Platform in Autonomous Region Surpasses 500 Million Yuan in Online Contract Financing

Government Procurement Platform in Autonomous Region Surpasses 500 Million Yuan in Online Contract Financing

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Title: Online Contract Financing on Government Procurement Platform in Autonomous Region Surpasses 500 Million Yuan Mark

Date: August 15, 2023

Source: Inner Mongolia News Network – “Inner Mongolia Daily”

The Finance Department of the Autonomous Region has announced that the online contract financing of the government procurement platform has exceeded 500 million yuan in total financing since its launch in June 2021. This initiative aims to support the development of small, medium, and micro enterprises while optimizing the regional business environment. The platform has successfully provided 276 financings to 213 enterprises, effectively addressing the long-standing financing difficulties faced by these businesses.

Since the introduction of online contract financing, financial departments across the region have been working to enhance service efficiency, simplify financing processes, and improve the functionality of the “integrated budget management” and “government procurement cloud platform” systems. By integrating with the national comprehensive credit service platform for financing small and medium-sized enterprises, the platform has successfully created an online closed-loop operation that facilitates the entire financing application process. From online submission of financing applications by procurement winning bidders to online review by banks and loan lending, the platform offers a seamless “one-stop financing” solution for small, medium, and micro enterprises.

The financing amount has witnessed a consistent increase each year since the inception of this initiative. In 2021, the financing amount reached 60 million yuan, followed by 239 million yuan in 2022. As of July 31, 2023, the financing amount for this year alone has reached 204 million yuan, underlining the growing demand for financing among small, medium, and micro enterprises in the region.

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Moving forward, the Finance Department of the autonomous region plans to continue optimizing its services. Leveraging the government procurement platform’s strong reputation, the department aims to further assist small, medium, and micro enterprises in overcoming their financing difficulties by promoting the online contract financing business of government procurement.

The success of the online contract financing initiative has not only contributed to the growth and development of businesses in the region but has also played a significant role in improving the overall business environment. With continued efforts, it is expected that the Finance Department’s initiatives will pave the way for the sustained growth and success of small, medium, and micro enterprises in the autonomous region of Inner Mongolia.

Editor: Duan Liping.

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