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Growing demand for loans program
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MORE than 1,300 business startups in Shanghai have received 260 million yuan (US$39 million) in guaranteed government loans in the first half of the year, a 76 percent increase over the same period last year and 2.5 times the amount allocated five years ago, local social security authorities said yesterday.
The average loan amount granted to startups is 200,000 yuan this year, double what was lent five years ago, the Shanghai Human Resources and Social Security Bureau said in a report.
The government guaranteed loan for entrepreneurs scheme was launched in 2000 and has been expanding ever since.
This year the government expanded the loan scheme to include non-native students and graduates of local universities under age 35, and raised the ceiling from 150,000 yuan to 200,000 yuan.
Young university students are the largest group of beneficiaries. More than 70 percent are under age 40 and over 40 percent have bachelor’s or higher degrees, said the report.
It also said the public was increasingly enthusiastic about startups. Over 600 loans granted in the first half of this year were given to those preparing to register companies, up 156 percent over last year.
In comparison, 705 loans were granted to those who had already registered companies, up 29 percent over last year.
The Pudong New Area and Xuhui District are the two most attractive places for launching startups, with 194 and 176 loans issued between January and June, far more than other areas, said the report.
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