Zhoushan in East China's Zhejiang province issues its first loan to a small and micro-sized company via loan QR code on March 20. [Photo/WeChat account: zjzsqdxq]

Zhoushan in East China's Zhejiang province issued its first loan to a small and micro-sized company via loan QR code on March 20, local media reported.

The Rural Commercial Bank of Putuo made a loan of 200,000 yuan ($30,720) to a local coffee company after the company's legal representative filed an application for financing by scanning the loan QR code the day before the issuance.

The loan QR code, which was launched by the Hangzhou branch of the People's Bank of China (PBOC) and the Zhejiang Market Regulation Administration, acts as a platform where small and micro-sized companies, as well as individual businesses publish their financing demand.

They just need to scan the QR code and fill in an application form. Then the financing demand will be forwarded to prospective banks via the Zhejiang enterprise credit information service platform, which will examine the application form as soon as possible. The prospective banks will soon finalize a loan contract with the application company.

In the future, the Zhoushan branch of PBOC will cooperate with the local market supervision and administration bureau to advertise the loan QR code in local industrial parks, communities, as well as surrounding islands in the archipelago city.