Young entrepreneurs set for funding boost
Print Edition
A SCHEME that provides guaranteed loans of up to 2 million yuan (US$315,500) to young entrepreneurs is set to be extended as the government seeks to support new businesses and stimulate the jobs market, officials said yesterday.
While such funding is already available to small and micro-firms, the scheme is soon to be rolled out to (almost) anyone who needs financial support to get a business up and running, the Shanghai Human Resources and Social Securities Bureau said.
To qualify for a loan, applicants will need to be a Shanghai native — in possession of a residence permit — or a non-native under 35 who is currently studying at or has graduated from a local university, the bureau said.
The second group will also be required to employ at least one “local” person, it said.
To make the loans affordable, preferential interest rates will be offered to all small and micro businesses, rural cooperatives and private non-commercial organizations, the bureau said, adding that such subsidies are currently available only to small and micro businesses in their first three years of operation.
Meanwhile, loans of up to 150,000 yuan will be made available to online startups that have yet to file with the local industry and commerce administration, but have registered on an electronic platform with their owners’ real names, the bureau said.
The operators of small and micro businesses, rural cooperatives and privately owned non-commercial organizations will also be able to apply for up to three years of subsidies on employees’ social security payments, up to a maximum of 20,000 yuan per year.
The bureau said it also plans to extend the period in which people can apply for rent subsidies to three years, from 18 months at present.
In addition to the financial backing, the human resources bureau said it will set up more business incubators to provide support and advice to young entrepreneurs.
The new support measures are part of the government’s plan to help 30,000 people, including at least 20,000 students, to establish their own business by 2017. The move is expected to create in the region of 200,000 new jobs.
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