In the golden autumn season, the harvest is abundant. In the Biesituo Township of Xinyuan County, Xinjiang, combine harvesters are busy in over 70,000 acres of seed corn fields. Entering the production workshop of the local Yili Qiufeng Seed Industry Co., Ltd. (hereinafter referred to as Qiufeng Seed Industry), a scene of bustling activity greets you. Trucks filled with corn ears are poured into machines, and multiple modern fully automated production lines are operating at high speed. The corn ears on the conveyor belt undergo cleaning, threshing, sorting, and drying processes, transforming into high-quality seeds that are plump and brightly colored, which are then packaged and sold nationwide after testing.
From a small workshop 20 years ago to a large enterprise with a value of 250 million yuan today, Qiufeng Seed Industry owes its success to the long-term support of Xinyuan Rural Commercial Bank. The company’s deputy manager, Li Jiangying, expressed: “From spring planting to water and fertilizer management, and then to autumn harvest and processing packaging, every link relies on financial support. With the ‘full-process’ assistance from the rural commercial bank, Qiufeng Seed Industry has reached new heights every year. Over the past 20 years, the planting scale has expanded from the initial 800 acres to over 70,000 acres now, and processing has evolved from initial processing to modern deep processing, with the number of production lines increasing to six, and order volume reaching 35,000 tons, becoming an influential agricultural ‘chip’ company.”
(The picture shows staff from Xinyuan Rural Commercial Bank understanding the funding needs of seed production enterprises)
The seed corn industry is an important pillar of the local agricultural economy and has always been a key focus of support for Xinyuan Rural Commercial Bank. In recent years, the bank has focused on the development needs of the seed corn industry in its jurisdiction, launching comprehensive financial services to inject ‘financial vitality’ into the entire process of seed corn enterprises from sowing to harvesting and then to production and packaging.
According to reports, the seed corn industry involves multiple links including planting, management, harvesting, processing, and packaging. In response to the characteristics of scattered funding needs, long cycles, and multiple links in industry development, the bank has established specialized services, conducting face-to-face communication with enterprises to accurately assess the funding needs of different entities at each link, and launched financial service plans covering the entire process from ‘sowing – management – harvesting – storage – production packaging’. At the same time, the loan approval process has been simplified, reducing the approval time to three working days, and implementing preferential interest rates. Since the beginning of this year, the bank has cumulatively provided loans of 230 million yuan for the development of the local seed corn industry, effectively ensuring the financial needs of the seed industry in Xinyuan County.
Source: Xinyuan Rural Commercial Bank
Author: Chao Minhua
Editor: Xinjiang Rural Credit Cooperative Union
