University graduates may find it easier to start their own
business, with the launch of a fund to cushion their loans.
The government-backed Shanghai Technology Entrepreneurship
Foundation for Graduates announced yesterday a link with China
Merchants Bank to launch a guarantee fund for students applying for
business-starting loans.
The fund, jointly raised by the foundation and Yangpu District
government, will function as the guarantee deposit for student
loans.
If young entrepreneurs find themselves in a financial crisis,
the fund can pay off their loans.
"This guarantee will greatly facilitate students' loan
applications and ease their worries about business failure," Qi
Yuwei, vice secretary general of the foundation, said at Shanghai
Entrepreneurship Week's closing ceremony yesterday.
Meanwhile, migrant graduate entrepreneurs will also be entitled
to apply for a local residence permit, Shanghai Personnel Bureau
announced yesterday.
Those who have a patent for cutting-edge technology or
scientific achievement will get extra points in the permits
evaluation system.
The bureau will also set up a subsidy of 50,000 yuan (US$6,667)
to 200,000 yuan for each student to finance product research and
development.
Student companies are also eligible for free personnel
services.
"It's the goal of several government departments to encourage
entrepreneurship and build up a favorable business-starting
environment for young innovators," said Cao Xinsheng, director of
the Shanghai Human Resources Service Center.
This year's entrepreneurship week included a series of forums,
road shows and policy consultations held in the city.
Next year the week will be part of the Global Entrepreneurship
Week network.
(Shanghai Daily November 12, 2007)