Residents line up to be served at a China Construction Bank in Beijing. The bank, together with seven other financial institutes and Zhongguancun Science Park, launched a 20 billion yuan loan package to boost business resumption. [Photo/China News Service]

Beijing-based Sinovision Technologies got a much-needed boost to its businesses with a multimillion yuan low-interest loan after struggling to raise capital amid the COVID-19 pandemic.

The 8-year-old medical equipment provider received the loan, worth 4.32 million yuan ($610,020), from Zhongguancun Bank two days after the bank learned about its funding needs.

The loan carries an interest rate of 3.05 percent, far below the average of more than 4 percent, according to the administrative committee of Zhongguancun Science Park.

Beijing's Zhongguancun technology hub, also referred to as China's Silicon Valley, has been mobilizing financial support for tech businesses based in the city and Sinovision Technologies was one of the first beneficiaries.

The park's administrative committee, a local loan guarantor and seven banks including Bank of China and Zhongguancun Bank, put together a loan package of 20 billion yuan in March.

By April 9, a total of 412 loans at combined value of 5.63 billion yuan had been granted to companies. Another relief package of 30 billion yuan was unveiled on April 23, involving 30 venture capitalists.

"The relief package primarily targets Beijing-based companies of frontier technologies and those emerging sectors that have proved crucial to the fight against COVID-19, and also the key industries as defined by Zhongguancun Science Park," said Chen Wenqi, an official with the administrative committee at a news conference on April 23.

Those emerging sectors include life and health, digital economy, telecommuting and contactless delivery services, Chen noted. He added that priority will be given to micro, small and medium-sized tech companies that are young and have growth potential.

Tech companies have made an important contribution to the battle against the virus. Sinovision Technologies, for example, donated a state-of-the-art 64-slice CT scanner to a hospital in Wuhan, once the epicenter of the outbreak, according to Zhongguancun Science Park.

Beijing-based Infervision, an artificial intelligence-powered healthcare solutions provider in its fourth year of operation, developed an AI tool to help screen patients for COVID-19.

As of April 19, the tool was being used in more than 80 medical facilities worldwide, according to Chen Kuan, founder and CEO of the company.

Zhongguancun Science Park said it will keep track of the funding needs of micro, small and medium-sized tech companies via an online platform and match them with venture capitalists.

The online platform, run by the Zhongguancun Venture Capital and Private Equity Association, contains a database of selected venture capital investors and potential investees. They are labeled and arranged in categories, according to Cao Yi, vice-president of the association.

"The association will also host events to boost communication among investors, government officials, academic researchers and business executives, such as a government-industry breakfast meeting," Cao said.

For venture capitalists participating in the COVID-19 funding drive, the park's administrative committee will provide them with subsidies in proportion to the investment they make.

The committee will also help promote the venture capitalists whose investment has generated good returns and use their investment practices as case studies, Chen Wenqi said.

Wang Ge, a senior executive at Cash Capital (Beijing) Investment Management, called on fellow venture capitalists to seize this opportunity to invest, especially in businesses with core competencies and application capabilities.

"From the ashes of every economic crisis arise new areas of business," he said, citing the various online tools used during the outbreak.

Chen Kuan also sees a silver lining of the global health crisis. "Despite the many uncertainties in the market, the outbreak has actually made our country and even the whole world more determined to invest in new technologies that can benefit public health and people's lives, and this counts as a big certainty," he said.