"I was very surprised. I have never expected to apply for a loan by a patent certificate," Lin Donggui, general manager of Wenzhou Dongling Shoes Machinery Co., Ltd. said excitedly, "Thanks to the intellectual property financing business launched by the government, we have enough funds to continue production."

(Photo via VCG)

Dongling Shoes Machinery is a foreign trade enterprise which independently produces high-tech shoe-making equipment. In June this year, the company decided to move to the domestic market, but it encountered the problem of capital turnover. “The government brought us good news that the company's intellectual property rights had the opportunity to be exchanged for money." Lin Donggui said that it didn't take long for the company to apply for a financing of 1 million yuan with its equipment patent.

There are more than 1,100 small and medium-sized technological enterprises like Dongling Shoes Machinery in Longwan District of Wenzhou City. "Affected by the epidemic, we are increasingly aware that technology research and development is imminent, and financing difficulties have become the biggest obstacle to our product research and development,” said Lin Donggui.

To help these small and medium-sized enterprises solve the problem of insufficient funds, Wenzhou Longwan District Market Supervision Bureau launched a “Zhaunpinbiao” Cloud Platform, which is convenient for enterprises to apply for product patent certification, and cooperated with many local financial institutions to provide loans for enterprises with independent intellectual property right, with which enterprises can easily get financing.

Through the “Zhuanpinbiao” Cloud Platform, banks can obtain information of enterprises’ patents by QR code. In the past, this kind of trust financing needed to entrust a third-party institution to identify qualifications. Now, banks can directly define enterprise patents, and the issuance speed of intellectual property pledge loans is greatly accelerated. Up to now, 330 enterprises in Wenzhou have obtained totally 1.614 billion yuan of intellectual property pledge financing.

(Compiled by Xu Yuhong, translated by Tao Mingzhou)