OVC launches sci-tech finance 'Partner Project'
On June 6, Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) unveiled its sci-tech finance "Partner Project". OVC, alongside 10 banking, investment, insurance, and new research institutions, also established the OVC Sci-Tech Finance Seed Partner Alliance, aiming to provide financial services to sci-tech enterprises in their critical "0 to 1" development stage.
OVC unveils sci-tech finance "Partner Project". [Photo/WeChat account of Optics Valley of China]
Early-stage tech companies have long faced significant challenges in securing initial financing. The "Partner Project" addresses this by carefully selecting and nurturing a dynamic "Seed Enterprise Pool". Initially, 400 startups with high technological potential, promising market prospects, and valuable investment opportunities have been chosen. This initiative aims to address the "0 to 1" challenge for tech commercialization through tailored first-loan services.
For the selected enterprises, the project establishes a priority lending channel for seed tech enterprises. Partner banks will designate exclusive agencies, develop specialized products, form dedicated teams, and implement specific credit review and assessment mechanisms. A 100-percent response rate to credit applications is ensured, with an annual credit financing amount of at least 600 million yuan ($83.48 million).
A representative from Hubei Bank stated, "Investing in early-stage tech companies is risky, but the 'Partner Project' significantly boosts our confidence. We look forward to nurturing OVC's startups into towering giants."
OVC currently hosts over 1,100 sci-tech financial institutions. An official noted that the "Partner Project" will catalyze the establishment of a comprehensive, lifecycle-spanning investment and financing service system, integrating both equity and debt to build OVC into a national hub for sci-tech finance.
