The financial supervisory authority and the science and technology bureau of Binhu district in Wuxi, East China's Jiangsu province hosted a live stream on March 16 to promote a financing solution which caters to the demands of newly-established high-tech companies in the district.

Officials from the two administrations explained the loan's term, interest rate, application procedures and other details during the live stream, which was watched by 250 companies.

Backed by an investment of 100 million yuan ($15.7 million) from the local government and a credit pool of at least 1 billion yuan established by banks, the financing solution can offer a maximum of 20 million yuan in loans for a company. The threshold for high-tech startups to receive the loan is also lower.

In the five months after the launch of the financing solution, 15 enterprises have received a combined 37.6 million yuan in loans, while another eight are expected to receive 53.5 million yuan. In addition to the Bank of Ningbo and the Bank of Jiangsu, three other banks will soon join the initiative.

In the future, more financial products will be released on the service platform of the scientific and technological innovation promotion center of Binhu. The financial supervisory authority will continue to hold roadshows and make visits to help satisfy local companies' demands for financing.