More graduates have access to get business start-up loans
On April 1st, Shanghai launched a new policy, which will enable more people to get loans to start business.
The new policy of Shanghai human resources and social security bureau says that after providing a feasible business plan, any Shanghai citizen under 35 can apply a one-year loan up to 100,000 Yuan ($14,630), which is guaranteed by the government.
An official with the bureau surnamed Zhang said that it was the first time the government was giving loan guarantees to business startups that covered a wide range.
Two years age there were only a small number of graduates could get the government loans in Shanghai.
The new policy consists of several full-round measures to help start-up business. However, entrepreneurs have to take the risks in the first 3 years, according to a notice from the bureau.
Compared with the earlier one-year qualified for loans policy, nowadays any Shanghai native who run a business less than 3 years can apply for start-up loans.
The loan amount could be as much as 100,000 yuan without collateral security and could be a maximum of 1 million with a guarantee.
The students, who graduate from a Shanghai university without residence permit, can also apply for the loans within 2 years of getting the degree. This policy aims to alleviate employment pressure of the 158,000 graduates in Shanghai this summer. It has been proved by the statistics from the bureau that a new business can provide 6 jobs on average.
In 2008, 7.4% of the working-age people in Shanghai had their own business, in addition, more people, account for about 10%, said they would try this if they could have an opportunity.
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