Wednesday, 19 Feb 2020 04:02 PM MYTBEIJING, Feb 19 — Shanghai has compiled a list of firms, including local units of multi-nationals Unilever PLC and 3M Co, as eligible for millions of dollars in subsidised loans to ease any blow from the coronavirus outbreak, according to bankers and documents seen by Reuters.
“Every bank in Shanghai is rushing to lend to the companies on its list, to earn political goodwill,” said one banker who had seen a list with 194 firms, including restaurant operators and property developers.Companies have the option to nominate themselves to be added to the overall list. Each lender then determines independently whether to approach a company on its list and offer finance, according to the bankers.
One bank’s list of firms reviewed by Reuters included 3M Medical Devices and Materials Manufacturing Co Ltd, Unilever Co Ltd as well as medical supply firms Shanghai Kindly Enterprise Development Group Co Ltd and Tellgen Corp. The aim of the loans is to ensure financial support to key companies helping prevent and fight the epidemic, the Shanghai government notice said.
Shanghai Kaibao Pharmaceutical Co Ltd, on the same list, said it had not yet received a loan, in response to Reuters’ questions about its application. A person surnamed Ren in the firm’s finance department added it will provide more details if money is received.
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