The Ministry of Finance (MOF) announced Monday that China would provide free financing or discount loans to certain small and medium-sized enterprises (SMEs), to help them boost technology innovation, energy saving, and emissions reduction.

The fund-from the central budget- will be used to help the SMEs in technology innovation, energy saving, emissions reduction, industry restructuring and optimization, and the maximum amount in loans and financing given to each project can reach 3 million yuan ($441,244.59).

Obtaining financing from the government has always been a difficulty for the SMEs, especially during the financial crisis. The MOF has since stepped up efforts to support the development of these companies.