The Bank of Kaohsiung has become the latest bank to join a NT$10 billion (US$351.6 million) loan scheme introduced last year by the Ministry of Culture and the Taiwan Creative Content Agency to help young entrepreneurs in the cultural and creative industries.
The initiative was launched on Sept. 23 in an effort to encourage entrepreneurs aged 20 to 45 “to bravely realize their dreams,” the ministry said yesterday.
As of the end of last month, the agency had received more than 2,000 requests for consultation, as well as nearly 500 applications, with the total loan requests amounting to NT$700 million, it said.
About 80 percent, or nearly 400, of the total number of applications has been approved, it said.
Loan applicants can consult and submit their applications to the agency for review before they are forwarded to participating banks for credit checks and approval, the ministry said.
Ten participating banks — the Bank of Taiwan, Chang Hwa Bank, Taiwan Business Bank, Land Bank of Taiwan, Mega International Commercial Bank, First Bank, Taiwan Cooperative Bank, Hua Nan Bank, Taipei Fubon Bank and Taichung Bank — were announced when the scheme was introduced in September.
The Bank of Kaohsiung is the 11th bank to join the program, the ministry said, adding that the lender has been a part of the initiative since last month.
The loan service is available at the banks’ 1,611 branches across the nation, it added.
To encourage people to return to their hometowns to start a business, the ministry is also coordinating with local governments to promote the program, it said.
Local governments are to create points of contact for the initiative, and hold meetings to advise potential applicants, it said.
The ministry will continue to invite more financial institutions to participate, it said.
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