Article 1 To further advance the fiscal credit risk compensation mechanism, fully leverage the efficiency and guiding role of fiscal funds, further improve the level of financing services for private enterprises, industrial enterprises, and small and micro enterprises in our district, and alleviate the difficulties and high costs of corporate financing,in accordance with the spirit of the “Notice of the Hunan Provincial Department of Finance on Launching Pilot Programs for the Provincial and County-Level Fiscal Credit Risk Compensation Mechanism” (Xiang Cai Jin [2020] No. 40) and the “Notice of the Hunan Provincial Department of Finance on Matters Concerning the High-Quality Implementation of the ‘Xiaoxiang Caiyin Loan’ Program” (Xiang Cai Jin [2021] No. 49), these Implementation Rules are hereby formulated.
Article 2 These Rules apply to all aspects of the provincial and district-level fiscal risk compensation mechanism (collectively referred to as the “Xiaoxiang Finance-Bank Loan Program”) in the Xiangtan Economic and Technological Development Zone.
Article 3 The risk compensation mechanism emphasizes the principles of market orientation, proactive and prudent management, and tax contribution.
Article 4 Eligibility Criteria for Inclusion on the Enterprise “Whitelist.” Enterprises within the Zone must meet the following criteria to apply for inclusion on the enterprise “whitelist”:
1. Industrial enterprises within the park, small and micro enterprises in other sectors, and enterprises above a certain scale within the park (excluding enterprises in the real estate, financial, investment and asset management, local government investment and financing platform, and local state-owned enterprise capital operation platform sectors); the enterprise must have been established for more than one year (for newly registered enterprises resulting from investment promotion, the period may be calculated from the date of establishment of the original enterprise) and be operating normally, with a tax credit rating of Grade B or above (or Grade M).
2. The enterprise must possess technological advantages, marketable products, and significant growth potential; it must have no adverse credit history and must not be involved in private financing or illegal fundraising.
3. The enterprise’s total tax payments for the previous fiscal year must have reached 100,000 yuan or more; its debt-to-asset ratio at the end of the previous year must not exceed 75% in principle; and it must not have incurred any safety incidents related to production safety or environmental protection.
4. The enterprise complies with national “red line” requirements regarding relevant industrial policies, environmental protection, planning, and workplace safety; it operates within priority sectors such as advanced equipment manufacturing, electronics, information technology, food, and agricultural product processing; it falls within the 20 emerging industrial chains identified as key sectors for building a manufacturing powerhouse province;military-civilian integration industries, as well as strategic emerging industries such as new materials, pharmaceuticals, and energy conservation and environmental protection. Priority support will be given to modern service industries, high-tech enterprises, technology-based small and medium-sized enterprises, enterprises in the reserve pool for listing, “Little Giant” enterprises, and enterprises listed on equity exchanges.
Article 5: Establish a Joint Conference System. The Deputy Secretary of the Party Working Committee and Director of the Administrative Committee shall serve as the convener of the meeting; the leader in charge of the Finance Commission shall serve as the deputy convener; and the Director of the Finance Bureau shall serve as the Director of the Joint Conference Office. Member units shall include relevant functional departments such as the District Finance Bureau, Industry Development Bureau, Social Affairs Bureau, Construction Bureau, Legal Affairs Office, Innovation and Entrepreneurship Service Center, District Tax Bureau, Public Security Sub-bureau, Market Supervision and Administration Sub-bureau, Ecological Environment Sub-bureau, and Natural Resources and Planning Sub-bureau, as well as partner banks.The Joint Conference Office shall be housed within the District Finance Bureau and shall be responsible for the daily operations of the Joint Conference. The Joint Conference shall be responsible for coordinating the review of materials submitted by enterprises seeking financing and loans, as well as making comprehensive decisions; after review and decision-making, these shall be submitted to the District Budget and Final Accounts Committee for deliberation.
Article 6: Management of the Enterprise “Whitelist.” The enterprise “whitelist” shall be submitted at the beginning of the year.In accordance with the requirements of Article 4 of these Rules, a survey of enterprises within the park shall be conducted to propose a recommended list for the enterprise “whitelist”; the Industrial Development Bureau shall take the lead in organizing relevant departments to review the enterprise “whitelist”; the Finance Bureau shall submit the reviewed enterprise “whitelist” to the Provincial Department of Finance (Provincial Financial Exchange Center) for public notice; after public notice, the Industrial Development Bureau shall notify the enterprises on the “whitelist” and guide them in completing platform registration, uploading financial statements and other materials, and submitting loan applications.
Article 7 Pre-loan Review. Determine the comprehensive ranking of “whitelisted” enterprises through methods such as enterprise roadshows, expert scoring, and bank evaluations. Submit this ranking from highest to lowest to partner banks for filing and review; after approval by the Joint Meeting, submit it to the District Budget and Final Accounts Meeting for deliberation. Partner banks shall conduct pre-loan investigations on “whitelisted” enterprises that have announced funding needs in accordance with the aforementioned principles, with relevant departments cooperating to review data and provide necessary supporting materials.
Article 8: Loan Management. Partner banks shall strictly adhere to national laws, regulations, and financial regulatory requirements and procedures. Based on the pre-loan review and investigation (factors including the enterprise’s actual funding needs, operational management, and repayment capacity), they shall determine the loan amount and strengthen risk control.The loan term generally shall not exceed one year, and the term for loan renewals shall not exceed three years. In principle, the credit loan limit for micro-enterprises shall not exceed 3 million yuan, and that for small enterprises shall not exceed 5 million yuan; the specific loan amount shall be determined independently by the partner bank based on factors such as the enterprise’s actual funding needs, operational management status, and repayment capacity. When the partner bank disburses loans to enterprises, the interest rate shall not exceed a maximum increase of 30% over the People’s Bank of China’s Loan Prime Rate (LPR) for the corresponding period.The legal representative of the borrowing enterprise, as well as the actual controller and major shareholders holding 5% or more of the equity, shall assume joint and several guarantee liability and sign relevant contracts.
Article 9: Post-Loan Management. Loans must be used for the enterprise’s own production and operations and may not be used for on-lending, entrusted loans, or loans prohibited or restricted by national industrial policies. They may not be used for housing mortgage loans, loans to real estate companies, loans to real estate agencies, loans to government financing platform companies, or loans for non-operational fixed-asset investment projects. They may not be used for projects unrelated to the enterprise’s core business, paid to individuals or enterprises unrelated to the loan’s intended purpose, or used to participate in private lending or capital market investments.Enterprises on the loan “whitelist” must, starting from the month the loan is disbursed, submit accurate and comprehensive financial reports and other data to the Comprehensive Financial Information Service Platform for Small, Medium, and Micro Enterprises on a monthly basis. The information platform shall promptly forward this data to the cooperating banks. Relevant competent authorities must stay informed of the operating conditions of the borrowing enterprises, urge them to submit financial reports on time, promptly monitor updates on enterprises flagged for attention by cooperating banks, and take effective measures.Partner banks shall regularly review and analyze financial statements, while the industrial park shall strengthen management of enterprises’ production and operational conditions. If, within a single cooperation year, the non-performing loan ratio for the relevant loans at a partner bank reaches 5%, the credit risk compensation mechanism shall be suspended, and new loan business shall be halted. After analyzing an enterprise’s production and operational conditions, if the competent business authorities assess the risk level to be high, the District Finance Bureau shall compile and report the findings to the Provincial Finance Department to terminate the cooperation with the relevant bank.
Article 10: Risk Management. During a cooperation year, if the total amount of loans disbursed by a partner bank reaches 10 times (inclusive) or more the total amount of the credit risk compensation guarantee fund, loan losses shall be shared between the credit risk compensation guarantee fund and the partner bank in a 7:3 ratio; if the amount exceeds 5 times but is less than 10 times, losses shall be shared in a 6:4 ratio. For the portion of loan losses borne by the government, the Provincial Department of Finance and our district shall share the burden in a 4:6 ratio.The partner bank is the primary entity responsible for risk prevention and control, including eligibility reviews, operational management, and post-loan management during the pre-loan, during-loan, and post-loan phases of the “Xiaoxiang Finance-Bank Loan” program, and bears overall responsibility for risk prevention and control efforts. If an enterprise fails to fulfill its repayment obligations as agreed, the partner bank shall take the lead, with the cooperation of the competent business authority, in pursuing recovery from the enterprise (including the enterprise’s assets and the personal assets of all shareholders).If recovery efforts remain unsuccessful after 60 days, or if the cooperating bank and other units of the Joint Conference jointly confirm that the enterprise is unable to repay the loan normally, the cooperating bank shall initiate the compensation process through the information platform. After the cooperating bank provides proportional compensation, the district finance department shall complete the review within 70 days and provide advance compensation, while submitting a compensation explanation and the transfer voucher for the district-level credit risk compensation guarantee fund to the Provincial Department of Finance. The provincial finance department shall then provide compensation in accordance with procedures within 90 days.
Article 11: Recovery Management. A recovery task force for defaulting enterprises shall be established, led by the District Finance Bureau and comprising relevant units such as the cooperating bank, the Legal Affairs Office, the Public Security Sub-bureau, the Industrial Development Bureau, the Innovation and Entrepreneurship Center, and the District Tax Bureau, to carry out recovery efforts. After deducting expenses related to the realization of claims from the recovered proceeds, the funds shall be returned to the provincial and district credit risk compensation guarantee accounts and the cooperating bank in accordance with the risk-sharing ratio.The legal representatives (actual controllers) and shareholders of loan-defaulting enterprises engaging in malicious debt evasion shall be included in the “Hunan Province Credit Information Sharing and Exchange Platform” list of dishonest entities, and measures such as legal action, periodic public notification, and revocation of eligibility for policy benefits shall be taken.
Article 12: Performance Evaluation and Management. Annual performance evaluations shall be conducted for partner banks regarding the implementation of the “Xiaoxiang Finance-Bank Loan” program. Partner banks shall be subject to quantitative evaluations covering loan disbursement quotas, efficiency, and risk prevention and control. The evaluation results shall serve as the primary basis for allocating risk compensation funds and determining loan business operations.
Article 13. The credit risk compensation guarantee fund shall be administered in accordance with Article 5 of Document Xiang Cai Jin [2021] No. 49.
Article 14. These Detailed Rules shall be interpreted by the Xiangtan Economic and Technological Development Zone Management Committee. They shall take effect on the date of issuance and remain valid for three years.
