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  • Beijing Review

    Lenders Find New Ways to Support Epidemic-Hit Businesses

    Jul 30, 2020 3 minutes
    Copyedited by Madhusudan Chaubey

    Sensheng, a plastics manufacturer based in Taizhou, Zhejiang Province in east China, was on the verge of letting go around 20 percent of its staff to pay back a 3-million-yuan ($429,418) loan that was about to be overdue, when its lender, Taizhou Bank, came to its rescue.

    Under the bank’s new policy designed to cushion epidemic impact, the firm was able to renew the loan without having to pay back the 3-million-yuan principal, as long as it promised to spend the funds on business

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