Shanghai processed 75 loan applications totaling 360 million yuan ($53.6 million) to ease financial demands from tech companies during the shutdown.

Vice Mayor Liu Duo said local authorities had put in place a number of measures to help tech companies since April 2.

One option is to give businesses unable to repay principal a green channel to refinance and apply for extensions to alleviate their current financial stress. To date, 75 loan applications totaling 360 million yuan have been completed so far.

Also, banks are advised to use internet platforms to speed up loan approval.

At the same time, banks, insurance companies and guarantee institutions are being pressured to lower their interest rates and fees so that the costs of financing small and medium-sized technology companies do not rise above what they were at the same time in 2021.

Another favorable strategy is to increase the amount of “innovation checks” from 300,000 to 500,000 yuan.

Local small and medium-sized tech companies can use an “innovation voucher” to pay for professional services, including strategic planning, research and development, and employee training. Companies can submit applications by visiting http://cxq.stcsm.sh.gov.cn/.

Nearly 200 enterprises received “innovation checks” worth more than 10 million yuan. One of them, Orient-Semiconductor Technology in Jing’an District, used the money to pay for certification of its own chip technologies.