Research projects of 212 Shenzhen-based companies received loan interest subsidies totaling 39.55 million yuan (US$5.5 million), Shenzhen Economic Daily reported yesterday.
Shenzhen SEG Smartechs Co. Ltd. received 125,000 yuan for their research on mobile Internet applications and service platforms based on the Internet of Vehicles.
Shenzhen W-Robot Co. Ltd. received 261,000 yuan for their research on developing smart, high efficiency and accurate linear robots, according to the Shenzhen Municipal Science, Technology and Innovation Commission.
The subsidy was crafted through cooperation between the municipal government and financial institutes to support scientific and technological innovation.
The Municipal Science, Technology and Innovation Commission initiated the interest subsidy loan program, based on a reform plan on funds for technology research and development approved by the city government in 2014.
The program is designed to provide interest subsidies for firms with excellent research projects to help them solve financing problems and promote the development of key industries and companies.
There are 1,768 projects included in the program at present. More than 500 companies have received interest subsidies totaling 140 million yuan.
Among them, over 50 percent of micro, small and medium-sized companies got loans from banks for the first time, said the report.
Technology research and development is centered on strategic emerging industries such as the Internet, biology, new energy, new materials, new generation information technology, energy-saving and environmental protection, as well as industries of the future including marine, aviation and aerospace and life health.
Firms included in the program can receive up to 100 percent of the interest on the loans in subsidy, capped at 10 million yuan.