Putuo district in Zhoushan recently added 450 promising small and micro enterprises into its list of enterprises worth supporting.

The district was approved to make the list by the Zhejiang provincial government in May 2019. Since then, it has been selecting from among the more than 5,000 small and micro enterprises in the district.

According to local authorities, enterprises on the list will enjoy not only financial incentives and policy supports, but also tailored services from the local government.

The list is helpful for enterprises because they can obtain loan quotas more easily and enjoy lower interest rates and better services, said Weng Bin, a co-founder of an internet company on the list.

Thanks to the list, Weng's company received 5 million yuan ($707,072) in credit after it was classified as a national high-tech company.

Putuo district cooperated with two local banks in order to provide better financial services for enterprises on the list. The two banks planned to provide 2.5 billion yuan in loans to the enterprises in order to help them meet their financial needs, said officials.

The district will select two to three star companies and award them 50,000 yuan each. Enterprises that win provincial or national titles will be awarded 100,000 yuan.

Local market supervision departments will inspect enterprises on the list quarterly. Enterprises that are unqualified or engaged in illegal activities will be removed from the list.