Loans to support sports industry in Hebei

The Bank of China will provide 10 billion yuan ($1.4 billion) in loans to sports-related companies in Hebei province to help them get through the novel coronavirus epidemic, the province's sports regulator said.

The Hebei Bureau of Sport and the bank's branch in the province jointly rolled out 10 measures on Tuesday to help sports-related companies whose businesses have been affected by the outbreak but still have good development prospects, especially in the fields of winter sports, the bureau said.

The sports industry in the province halted in January when residents were restricted in their ability to go out for activities, and resorts focused on various sports were ordered to close to avoid cross-infections.

In Zhangjiakou, the co-host city with Beijing for the 2022 Winter Olympics, all major ski resorts suspended operations on Jan 28. Some of them have resumed operation since Feb 26 but tourist volume is limited.

The bank will not stop or reduce loans to sports-related companies or associated enterprises upstream or downstream during the epidemic. Repayment can be extended based on the circumstances of the companies, the bureau said.

In addition, interest rates for new loans will be lower than normal, and the bank will roll out a variety of borrowing plans through which companies can conveniently get loans. The processes of getting loans will be simplified so that companies can use the money as soon as possible, it said.

The bureau and the bank will also cooperate in issuing vouchers and giving out subsidies to promote consumption in the sports sector when the epidemic ends.