A businessman in Zhejiang uses the "loan code" service with the help of a bank worker. [Photo/zj.zjol.com.cn]

"I never thought it could be so convenient to apply for loans—just use your mobile phone to scan a QR code. More surprisingly, bank staff proactively came to my company and helped us handle all necessary procedures within one day," a businessman in Yueqing, Zhejiang province, said as he recalled his first encounter with the "loan code" service in a recent interview.

In March, the Hangzhou branch of the People's Bank of China and the Zhejiang Administration for Market Regulation jointly launched the "loan code" online platform in service of Zhejiang's small and micro-sized companies and individual businesses.

By scanning the QR code, business owners can log into the platform, which automatically presents their business license information, and can then submit their applications for bank loans before being sent to the corresponding financial institutions.

So far, a total of 106,000 small and micro businesses have used the platform to obtain 254.3 billion yuan ($39.3 billion) in financing, or 2.4 million yuan per business. Among them, 30,000 businesses that had never obtained bank loans before acquired a total of 42.4 billion yuan.