The government is to earmark NT$60 billion (US$1.99 billion) to loan to people who plan to create start-ups and pay interest of up to 1.67 percent for the first five years, the Executive Yuan said on Wednesday, adding that each successful applicant would be eligible for up to NT$1 million guaranteed partially or entirely by the government.
It made the statement in response to the youth entrepreneurship policy unveiled by President Tsai Ing-wen (蔡英文) at a platform presentation of presidential candidates.
Tsai said that she once received a letter from a young person in Miaoli County detailing the difficulties of entrepreneurship, so she instructed the Executive Yuan to draft a program to assist young people to create start-ups.
The government would serve as the guarantor for loans of up to NT$1 million, she said.
An evaluation system would be established to determine how much would be loaned to cultural and creative start-ups, she said.
Existing policies for youth entrepreneurship offer loans from NT$2 million to NT$12 million, while her proposal would offer smaller loans for people in the innovative, cultural and agricultural sectors, Tsai said.
The program would include a one-stop application process; a short review period, which would enable applicants to receive funds in seven days; the government serving as a guarantor for loans of up to NT$1 million; and the government paying interest of up to 1.67 percent for the first five years, Executive Yuan spokeswoman Kolas Yotaka said.
In addition, NT$10 billion would be set aside from the National Development Fund to invest in start-ups, with the quota for each investment limited to NT$20 million, Kolas said.
A speedy review process would be established for National Development Fund loans of up to NT$3 million for entrepreneurs, she said.
The government would establish accelerators for entrepreneurs and help them identify potential niche markets, she said, adding that it would team up with Internet giants such as Amazon, Google and Facebook to offer entrepreneurs courses on e-commerce.
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