Business start-up loans to have wider reach

SHANGHAI: In a bid to create jobs, Shanghai relaxed its threshold for business start-up loans, with a new policy that went into effect yesterday.

According Shanghai human resources and social security bureau's new policy, any Shanghai citizen under 35 can apply for a government-guaranteed one-year loan of up to 100,000 yuan ($14,630), provided a feasible business plan is presented.

"This is the first time the government is giving loan guarantees to business start-ups covering a wide range," an official with the bureau, surnamed Zhang, said.