As the clock struck midnight on April 8 in Wuhan, nail salon owner Qiu Mengyi eagerly restarted her business, which had been in hibernation for nearly three months due to the COVID-19 pandemic. Qiu, the first small business owner in Wuhan to apply for MYBank’s interest-free loans aimed at supporting hard-hit SMEs, experienced a swift and efficient process. With a simple smartphone application, she secured a loan of RMB 52,000 (approximately USD 7,000) within 15 seconds.
The lockdown in the outbreak’s epicenter meant significant challenges for many small business owners who had to cover overhead costs with little to no income. In March 2020, MYbank collaborated with 100 Chinese banks and leading industry organizations to introduce “contactless loans,” designed to assist 10 million small and medium-sized enterprises, individual businesses, and farmers across China in resuming operations and overcoming the impact of COVID-19.
Qiu expressed gratitude, stating, “This month, our interest has been entirely written off, and for the following months, we can enjoy a 20% reduction in interest payments. Even though the business won’t be completely back to normal in six months, the money will help to tide us over.”
