The Xinjiang Branch of Agricultural Development Bank of China has issued more than 16 billion yuan in cotton purchase loans
Learned from the Xinjiang Branch of the Agricultural Development Bank of China: Since the beginning of this year, the Xinjiang Branch of the Agricultural Development Bank of China has given full play to its role as the main channel for supplying funds for cotton acquisitions, continued to increase the amount of loans for cotton acquisitions, and has completed the approval of a total of 65 billion yuan in credit lines. To achieve “money waits for cotton”. As of October 30, the bank had provided a total of 16.12 billion yuan in cotton purchase loans to 117 companies, supporting the purchase of 318,000 tons of lint cotton.
Faced with various uncertain factors, in order to ensure the funds for cotton purchase this year, the Xinjiang Branch of the Agricultural Development Bank of China has planned in advance and continued to advance. Currently, 133 cotton purchase qualifications have been completed, ensuring that every major cotton producer All counties (cities) have enterprises supported by loans from the bank.
In order to ensure that “there are people to harvest cotton and money to harvest cotton”, the Xinjiang Branch of Agricultural Development Bank of China has formulated a loan application schedule to improve the quality and efficiency of loan application and provide appropriate loan processing services. “In order to ensure that credit funds for cotton purchase are available in a timely manner, our bank adopts a loan-tolerant approach to enterprises in prefectures, cities and counties within its jurisdiction that are closed due to the epidemic, and will first issue cotton purchase and sales loans, and then complete the relevant procedures after the epidemic is over.” President of the bank Jiang Qunxing said.
In response to problems such as insufficient self-owned funds and weak anti-risk capabilities of enterprises, the Xinjiang Branch of the Agricultural Development Bank of China implements “one enterprise, one policy” and implements preferential policies in terms of comprehensive guarantee rates, interest rates, etc. for cotton purchase loan enterprises in Xinjiang. Actively reduce fees and provide profits to effectively reduce corporate financing costs and help companies tide over difficulties.
China Cotton Group Xinjiang Cotton Co., Ltd. has obtained a cotton purchase loan credit of 7.5 billion yuan. As of October 30, it has used a loan of 1.3 billion yuan to purchase 150,000 tons of cotton, completing 30% of the total progress. “The Xinjiang Branch of the Agricultural Development Bank of China not only provides us with sufficient financial support, but also effectively reduces the financing costs of our company through measures such as lowering interest rates and reducing the risk guarantee ratio,” said Han Jin, general manager of the company.
Similarly, the Xinjiang Branch of the Agricultural Development Bank of China granted Xinjiang Lihua (Group) Co., Ltd. a cotton purchase loan of 14.2 billion yuan this year. “Currently we have purchased more than 1 million tons of seed cotton, equivalent to 370,000 tons of lint.” said Li Dehua, general manager of Xinjiang Lihua (Group) Co., Ltd.
In addition to the timely supply of funds, the Xinjiang Branch of the Agricultural Development Bank of China has also formulated an contingency plan for cotton purchase credit in the new year to ensure that problems such as “white slips”, “lower grade purchase and lower price purchase” and “difficulty selling cotton” are effectively eliminated, and to ensure the new year’s cotton purchase Run smoothly and orderly.
The first ginnery of Shawan Lihua Cotton Co., Ltd. is one of the acquisition points of Xinjiang Lihua (Group) Co., Ltd., responsible for the acquisition of cotton in Shabei District, Shawan City. “As of October 30, we have purchased 16,500 tons of seed cotton, equivalent to 6,100 tons of lint. This year the Agricultural Development Bank of China granted us a credit of 200 million yuan. When the cotton is delivered on the same day, we will transfer the money to the farmer’s card that day.” The ginner is in charge. Liu Yanming said.
It is understood that in the 2021 cotton year, the Xinjiang Branch of the Agricultural Development Bank of China has provided a total of 54.111 billion yuan in cotton purchase loans to 137 companies, an increase of 11.538 billion yuan year-on-year; it has supported companies to purchase 3.15 million tons of cotton, accounting for 3.15 million tons of Xinjiang cotton output announced by the Statistics Bureau that year. 61%.
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