When the application for loan extension was rejected, Sun Gang also tried to issue bonds for financing, but recently, due to the repeated default of credit bonds of private enterprises, it was directly stopped by financial institutions. Due to the new asset management regulations, the financing of issuing structured asset management products was put on hold, but by the end of September this year, enterprises had to repay about 654.38 billion yuan of bank loans.
"Renewing loans gives enterprises a breathing space." But Sun Gang is excited and worried that the structural easing of monetary policy will bring him new troubles.
"After the subprime mortgage crisis in 2008, banks released a lot of credit. In response to the requirements of local government's economic transformation and development, we expanded our main business from construction machinery and equipment manufacturing to new materials, solar photovoltaic, Internet of Things and other fields by increasing debt leverage. The debt has increased. Once in the process of deleveraging, funds were stretched, and now monetary policy tends to be loose. Recently, local governments hope that local private enterprises can seize the opportunity to obtain as much credit funds as possible to increase investment in new projects, and we may embark on a debt-driven development model. He said with emotion.
The difficult financing process in recent years has made Sun Gang realize that only by doing what he can and earning the money he can grasp can the enterprise make steady progress and avoid the temptation and risk of debt-driven development.
"The bank informed that this was mainly due to the smooth monetary policy transmission mechanism held at the China Banking Regulatory Commission in mid-July and the symposium on doing a good job in financing services for private enterprises and small and micro enterprises." Sun Gang said that the relevant departments required large and medium-sized banks to give full play to the "head geese" effect, increase credit supply, and reasonably determine the price of inclusive small and micro loans, so as to drive the actual loan interest rate of small and micro enterprises in banking financial institutions to drop significantly. Gradually reduce the dependence on mortgage guarantee and external evaluation, and reduce the financing cost burden of small and micro enterprises from the source.
To this end, a number of local banks responded quickly, adding credit lines for small and micro enterprises and local high-quality private enterprises, and giving priority to local private enterprises and small and micro enterprises with high-tech research and development capabilities and stable operation capabilities. Sun Gang's enterprises are very popular because of their outstanding local business scale and technological innovation ability.
"This has solved my biggest headache in funding." At present, the scientific and technological innovation incubation projects owned by many enterprises in Sun Gang are in urgent need of funds. For example, the new material project has just entered the product design from technology research and development, and is planning to start the market layout. After a period of operation, the Internet of Things project needs to invest new funds for marketing.
However, he found that while actively lending to reduce interest rates, banks also "left a hand": "In the past, the bank's credit department asked me to negotiate loan renewal, and now many city commercial banks have sent people from investment banks and credit departments to help me design so-called innovative credit products."
Taking the financing of new materials projects as an example, while providing loans, a local branch of a joint-stock bank hopes that Sun Gang will sign a supplementary agreement with the bank, that is, the performance of new materials projects reaches a certain level, and the bank has the right to find a third-party fund to invest in shares, and some shares will directly repay the bank loans (without affecting the capital flow of enterprises); On the contrary, if the operation of new materials projects is frustrated, enterprises in Sun Gang need to give priority to repaying loans from the sales of construction machinery and equipment (the relevant sales rebate fund account must be located in this bank).