Local govt provides more help for startups

College graduates, farmers and herdsmen in the Tibet autonomous region will be offered a wide range of assistance if they start businesses, according to the regional government.

On May 17, authorities provided clarification of a guideline related to startups and employment that was issued at the end of last year.

The measures aim to encourage local business owners and people hoping to become entrepreneurs by providing subsidies and raising the value of startup-related loans.

For example, college graduates living in the region can apply for a maximum government-secured loan of 500,000 yuan ($72,400) to start a business, while people founding small and micro enterprises can claim subsidies, the government said.

People who return to Tibet to start businesses after graduating from a college outside the region will also be offered more financial support. Moreover, a fast-track system will be established to provide assistance and improve the quality of the services offered to startups.

Last month, the regional department of science and technology said the government will offer annual subsidies of as much as 100,000 yuan to small and medium-sized tech companies and startups.

The subsidies, or "innovation vouchers", are designed to spur entrepreneurship and innovation, and facilitate resource sharing across the region, it said.

A white paper about the region released in March noted that 74 "entrepreneurship and innovation entities" were operating last year.

They included makerspaces - areas where people can gather to create, invent and learn - science and technology business incubators, and several bases for students and small and micro businesses.