startup loans

The Cabinet-level Council of Labor Affairs (CLA) will join hands with the Small & Medium Enterprise Administration (SMEA) under the Ministry of Economic Affairs (MOEA) to carry out the project.

The annual interest rate will be lowered to only 1.7 percent from 5.6 percent to save the late-blooming entrepreneurs about NT$76,000 in financial burden starting from the third year.

The terms for the jobless people who became involuntarily unemployed will be more attractive because their loans will have a grace period of three years and carry an annual interest rate of only 1.5 percent beginning from the fourth year.

Although the borrowers are not required to put up collateral or find guarantors, the SME Credit Guarantee Fund at the MOEA will back them by providing the guaranty for the loans to be extended by banks.

The duration of such preferential loans may run a maximum of seven years.

The business management consultants retained by the CLA and the SMEA at the MOEA will provide business training courses and consulting services to the entrepreneurs to boost their chance of business success.

Microsoft Taiwan will give training courses to female entrepreneurs to lift their skills in the field of electronic commerce

The agencies decided to integrate the “Phoenix business venture loans” catering exclusively to females aged between 20 and 65 and the “micro-business venture loans” lent mainly to males aged between 45 and 65 for business startups.

Under the new plan, qualified males will have the same privileges as their female counterparts to apply with the CLA for unsecured loans up to NT$1 million with a grace period of two years without interest repayment.

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