The Harbin municipal government recently launched preferential policies to help small and medium-sized enterprises relieve pressure on their capital flows, according to local officials in Harbin, capital of China’s northernmost Heilongjiang province.

They said the government will focus on supporting enterprises in industries such as wholesale and retail, accommodation and catering, cultural and tourism businesses and transportation and logistics, which were heavily affected by the novel coronavirus epidemic.

Officials added that the government will help these businesses obtain extra loans from the banks.

The loan support for medium-sized enterprises will not exceed 10 million yuan ($1.4 million). Loan support for small enterprises will not exceed 5 million yuan and the maximum loan for micro-sized enterprises will not exceed 2 million yuan.

Officials said the credit line is a liquidity loan with a term of no more than one year and the interest rate will not exceed the most recently announced one-year LPR (loan market quote rate) plus 100 basis points.