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Haiyan Rural Commercial Bank in Jiaxing, East China's Zhejiang province recently issued its first Little Giant loan worth 10 million yuan ($1.56 million) to a little giant company the Zhejiang Delft New Building Materials Co Ltd, local media reported on Nov 8.

Little giants refer to leading SMEs that specialize in niche sectors, command a high market share, and boast strong innovative capacity and core technologies.

"With the loan, we can purchase a new batch of raw materials for our new plant in Wuhan," said the person in charge of the Zhejiang Delft New Building Materials Co Ltd.

He added that they received the loan within 24 hours without submitting any paperwork or having to apply for a mortgage, and the annual interest rate is as low as 3.8 percent.

The Little Giant loan from Haiyan Rural Commercial Bank offers up to 100 million yuan credit line to a little giant with a favorable interest rate, according to a staff member from the bank.

As of Nov 1, the bank has granted a total of 90 million yuan in credit to four little giants.

The Little Giant loan epitomizes the efforts made by Jiaxing financial institutions to supporting little giants.

Jiaxing Rural Credit Cooperative has been dedicated to helping cultivate more active and innovative market entities and nurture SMEs into little giant companies since the beginning of this year.

The cooperative serves 125,600 businesses, accounting for 81.16 percent of the city's total. It has also established cooperation relations with 60 of the 118 little giants and potential little giants in Jiaxing.

During the next five years, the Jiaxing Rural Credit Cooperative will offer a total of 10 billion yuan in credit per year to support local little giant companies.