Baotou lends a hand to business start-ups

Updated: Jun 1, 2017 chinadaily.com.cn Print

Share - WeChat

A secured lending cloud platform for entrepreneurs was recently launched by the employment department of Baotou human resources and social security bureau to support secured lending for start-ups.

After a decade of efforts, Baotou municipality has achieved remarkable progress with its lending platform.

As of the end of April, municipal banks have serviced 1,282 entrepreneurs, providing entrepreneurial guaranteed loans of 281 million yuan ($41 million). Entrepreneurial activity has created 5,037 jobs, an increase of 300.7 percent year-on-year.

However, in terms of the loan volume target of 1 billion yuan during 2017, there is still much work to do, such as optimizing the lending policy system, expanding the scope of lending, lowering the threshold for loan applications, and increasing loan quotas.

Secured lending for entrepreneurs is the key to stimulating employment. Under the leadership of the municipal government, the human resources and social security bureau and the financial sector aims to work together to make more progress this year.