Interest-free loan program expanded |
http://www.sina.com.cn 2005/10/10 15:21 Shanghai Daily |
People with a day job who also run their own business at night are now entitled to government-guaranteed interest-free bank loans, the Shanghai Labor and Social Security Bureau announced yesterday. Requirements that only business-starters who create new job opportunities can receive the loan were also removed. Now anyone that can return the money in time can apply for the loan. Starting this month, people holding a Shanghai permanent residence permit can apply for the loan within three years of opening a business. Applicants will be given a government-guaranteed bank loan of up to 500,000 yuan (US$61,728) for a term of three years - usually without interest. Previously, only those without jobs were entitled to apply for the loan within one year of opening a business. It is the first time the policy was expanded to cover employees who moonlight to run their own business since the program was launched in 2000, bureau officials said. "Considering moonlighting businesses also contribute to solving the city's unemployment problem, preferential policies should also be given to encourage them to create more jobs," said Meng Yuan, an official with the bureau's business-starting guidance center. Moonlighters need only to maintain their current job positions rather than create new ones each year to earn the loan interest exemption, Meng said. To date, more than 3,700 government-guaranteed business-starting loans have been issued, totaling more than 250 million yuan. |
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