Xiangyang Municipal Government to Establish 1 Billion Yuan Entrepreneurship Support Fund
On February 14, I learned from the Xiangyang's briefing on its bid to become a national-level entrepreneurial city that this year, the municipal government will establish a 1 billion yuan entrepreneurship support fund to focus on supporting the establishment and development of small and micro enterprises. The municipal and county governments at two levels will set up a 30 million yuan college graduate entrepreneurship fund to support college students' independent entrepreneurship.
In order to improve the initial entrepreneurship support mechanism, the municipal government will also give a one-time subsidy of 30% of the registered capital to newly established micro-enterprises, increase subsidies for rental of entrepreneurial venues for initial entrepreneurs; establish a "fiscal-bank-equity investment institution" linkage mechanism, provide fiscal interest subsidies for entrepreneurial loans, guide bank credit investment, attract venture capital companies, private equity companies, etc., to connect with the city's entrepreneurial entities, forming a "leveraging effect" of using a small amount of money to move a large amount; establish a venture capital risk compensation mechanism, compensate banks for loan losses caused by entrepreneurial failures, reduce bank credit risks, and enhance banks' confidence in expanding entrepreneurial credit.
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