Recently, the Shouguang branch of Qilu Bank issued a vegetable loan worth 500,000 yuan ($69,784) in order to support the development of the local intelligent vegetable greenhouse demonstration park in Houtuan village, Tianliu town, Shouguang, Shandong province, injecting new vitality into the agricultural modernization process.

The vegetable greenhouse demonstration park in Houtuan village is a representative project to showcase local efforts in the modernization of agriculture in Shouguang. Growers in the park use high-tech tools to achieve vegetable cultivation and precise management. However, as the scale of the park expands, the growers' demand for funds is also increasing.

The loan not only provides financial support for the demonstration park, but also plays a positive role in promoting agricultural modernization in Shouguang city and helping achieve sustainable development of the rural economy. It is understood that this loan will be mainly used to purchase seeds, fertilizers, pesticides and other agricultural production materials to improve greenhouse facilities and enhance planting efficiency. The loan will also help growers solve short-term funding turnover issues and alleviate any funding pressure.

The "vegetable loan" business was jointly developed by Qilu Bank and Shandong Agricultural Development Credit Guarantee. Through the online bank guarantee system, it can operate the businesses of approval, guarantee and disbursement online. Since 2023, the Weifang branch of Qilu Bank has made efforts in strengthening its cooperation with provincial-level agricultural guarantee business operators and peer institutions by organizing seminars and conferences with them to innovate cooperation models. Focusing on the deep excavation and transformation of regional signature industries, they promoted the innovation of businesses such as aquatic product breeding loans, farmer-benefiting loans, high-standard farmland loans, beef cattle breeding loans, and rural economic cooperatives' trusteeship loans. In 2023, the Weifang branch of Qilu Bank and the provincial agricultural guarantee achieved a total revenue of 40 million yuan through the new businesses.

The launch of the vegetable loan is another innovative practice of cooperation between Qilu Bank and the provincial agricultural guarantee. Adhering to the principles of cutting down the total and average amount to make a structural adjustment and business upgrade, the bank said it will continue to contribute to the revitalization and development of rural areas.