UNILEVER's Chinese division could receive a subsidised loan to ease the financial impact of the coronavirus outbreak in the country.

Shanghai has compiled a list of firms eligible to receive millions of dollars in loans, as it attempts to deal with a nationwide shortage of medical supplies, such as face masks and protective suits.

As well as Unilever's Chinese unit, Reuters reported that 3M Medical Devices and Materials Manufacturing, Shanghai Kindly Enterprise Development Group and Tellgen Corp are among the firms on a list received by banks.

There is no indication that loans offered will necessarily be sought, or that the eligible firms are in financial need.

The Bank of Shanghai said it will lend 5.5bn yuan (£608m) to 57 firms on its list. The aim of the loans is to ensure financial support to key companies helping to prevent and fight the epidemic.

"Every bank in Shanghai is rushing to lend to the companies on its list, to earn political goodwill," one banker, who had seen a list with 194 firms, told Reuters yesterday.

(c) 2020 City A.M., source Newspaper