Dongtai: "Engineering Machinery**" Let Entrepreneurs Dream

Dongtai City, Jiangsu Province is adjacent to Hai'an County, which is known as the "hometown of Chinese architecture." Many local people are engaged in construction and related industries in Hai'an. Many project owners suffer from lack of effective guarantees and cannot borrow enough money from banks. Therefore, their Entrepreneurial dreams are difficult to achieve.

Since the beginning of this year, Dongtai Rural Credit Co., Ltd. has cooperated with manufacturers of construction machinery and special distributors to innovate the use of construction machinery purchased by borrowers for the large amount of funds required by construction practitioners to purchase heavy construction machinery and equipment and the lack of self-owned funds. Equipment is used as collateral, dealers undertake joint guarantee responsibilities, and manufacturers provide unconditional credit repurchase. Mortgage loans are issued to construction practitioners who have aspirations for entrepreneurship. When they purchase construction machinery and equipment, they only need to pay 30% down payment, and the remaining 70% can borrow from rural credit cooperatives. The interest rate is lower than ordinary commercial housing mortgage loans. The maximum period is up to 5 years. This type of loan was convenient and quick. On the second day after receiving the first application for “mortgage mortgage loan for engineering machinery and equipment”, the customer manager of the rural credit cooperative went to the applicant office to investigate and understand it. It was completed on the third day. All loan procedures and successful loan issuance. As of the beginning of August, Dongtai Rural Credit Cooperative had received 5 loan applications and successfully granted 2 loans. The remaining 3 households will also receive loans soon.