The original technology of Huibang Biological, which is based in Hefei National High-tech Industry Development Zone, recently won the 2021 Creation Star Cup China In Vitro Diagnostics Annual Outstanding Innovative Product Gold Award.

Wang Zhongliang, chairman of Huibang Biological, told reporters that the company's achievements benefited from the zone government's innovative guarantee service model, which helped solve the company's financing problem.

In the winter of 2017, Wang talked about the current situation and predicament of technology companies at the zone's enterprise symposium. Established in 2013, Huibang Biological is a company focusing on high-tech biological innovation. The company insists on independent innovation. The initial research and development costs were large, and the cycle was long, so the company couldn't produce benefits in the short term, and funds were needed in a hurry.

The zone's management committee arranged for Hefei High-tech Financing Guarantee Co Ltd to do due diligence as quickly as possible in order to assist Huibang Biological in escaping its dilemma. With their assistance, Huibang Biological was able to secure a 2 million yuan ($313,792.42) "Innovation Loan", the company's first bank loan since its inception, which was immediately put in place.

Huibang Biological used the funding to work hard to solve crucial difficulties and accomplish significant gains, winning the award for the first time in Anhui's biotechnology industry. More than 100 million diabetic people in China will benefit from the technology. The technology has been listed in the Anhui Provincial Health and Health Commission's 2021 Technologies Appropriate for Promotion in Anhui province.

Huibang Biological has become a rising technology star in the industry, and it is a microcosm of how Hefei High-tech Financing Guarantee Co Ltd supports the development of the real economy. There are many enterprises in the zone enjoying innovative financial services like this.

"Last year, some of our company's new goods were at a vital stage in research and development, but funding was scarce," Li Difei, executive vice-president of Fullcolor, told reporters. Hefei High-tech Financing Guarantee Co Ltd's "USTC Alumni Entrepreneurship Loan" sent 5 million yuan to the company to help it weather the storm.

Hefei National High-tech Industry Development Zone has been focusing on financial service innovation, and has launched a variety of financial products represented by "Innovation Loan", "Youth Innovation Loan", and "USTC Alumni Entrepreneurship Loan" to increase access to financing technology startups.

Lyu Changfu, deputy director of the management committee of the zone, said the zone will further increase funds for technology startups, carry out pilot trials of innovative financial services, and promote the establishment of a risk compensation fund pool.

According to Lyu, the zone will actively assist the Industrial and Commercial Bank of China Hefei Branch to cooperate with investment institutions such as ICBC Investment, ICBC Capital, and ICBC International, and connect with universities and institutes like the University of Science and Technology of China and the Chinese Academy of Sciences to guide the implementation of science and technology projects, use special funds to promote the transformation of scientific and technological achievements, and help science and technology enterprises take off.