Wendy Zhang/ Shanghai Daily news

From this month, young people in Shanghai who plan to start their own business can apply for a loan ranging from 1-5 million yuan (US$120,000-US$635,000).
The fund, initiated by the China Communist Youth League Shanghai Committee and China Development Bank's Shanghai branch, aims to encourage local young people to create their own business and ease their capital shortage.
Applicants should meet the following requirements: firstly, they are below the age of 40 and want to start a small to mid-sized company; secondly, the businesses should meet the industrial policies and guidance in Shanghai and China; and the company must have a good operational performance, credibility and an independent ability to pay back the loan, by offering certain loan guarantees.
The term of the loan will be no more than two years, with the lending rates based on those of the People's Bank of China. Applicants can apply at the district or county-based Youth League, and more information is available on their official Website (http://qinggong.cityyouth.cn).



Wendy Zhang/ Shanghai Daily news