Only one company has received funding from a loan program offered by the Chinese government to Taiwan businesses in the last year, the Financial Times reported. The failure of the program, which would offer US$3.8 billion over five years to companies from the island operating in the mainland, is casting a shadow of doubt over the effectiveness of Beijing's attempts to court favor with the Taiwan people. Shanghai Hanbell Precise Machinery, an affiliate of Taiwan-based Hanbell, took a US$3.25 million loan last year. Dozens of other companies could not get their applications approved, according to Taiwan business associations in mainland China. They say the loans are ineffective because the program was set up for political reasons and not business.