A bank staff member learns about the sika deer industry in Dongfeng county, Jilin province. [Photo provided to gojilin.gov.cn]

The Dongfeng sub-branch of the Postal Savings Bank has launched special guarantee loans to facilitate the sika deer breeding industry in Liaoyuan, Northeast China's Jilin province, according to local media reports.

Dongfeng county is known as the "Hometown of Sika Deer in China." In recent years, sika deer breeding, and the processing and sales of deer products have been steadily improving in the county.

Sika deer breeders and processing households often face the problem of insufficient funds when expanding their scale, which severely restricts the upgrading of the local sika deer industry.

"Jiludai" is a financial product specially launched by the Dongfeng sub-branch of the Postal Savings Bank for sika deer farmers that focuses on five aspects including sika deer breeding, deep processing, scientific research and development, and the cultural tourism service system.

Li Quan, who lives in Baoshan village, has been breeding sika deer since 1997. Due to financial problems, he only had 30 sika deer when he first started out.

In 2020, he applied for a guarantee loan of 1.5 million yuan ($236,100) at the bank's Dongfeng sub-branch, and the loan was approved within one week. At present, the number of sika deer has grown to 260.

A bank staff member learns about the sika deer industry in Dongfeng county. [Photo provided to gojilin.gov.cn]

"Jiludai" not only helps sika deer breeders, but also promotes the processing and sales of deer products.

In 2005, Lyu Wenzhong and his wife Pan Zhongli founded Dongfeng County Huifeng Ginseng Antler Co from scratch.

The couple has been engaged in the sales of velvet antlers, and they mainly purchase sika deer velvet antlers in such places as Dongfeng, Xifeng and Shuangyang. After processing, the sika deer velvet antlers are sold to Jiangxi, Fujian, and Guangdong provinces.

According to the calculation of the deer antler acquisition contract in 2020, the couple's company has an annual operating income of 4.67 million yuan.

The bank processed the 2 million yuan "Jiludai" guaranteed loan for the business.

Now that the company has sufficient funds, the amount of deer antlers acquired by the company has increased by 50 percent, sales revenue has increased by 50 percent, and its operating profit has increased by 20 percent compared to previous years.