Beijing E-Town International Financing Guarantee Co launched a new financial product to support programs involved in the 2018 Beijing E-Town Innovation and Entrepreneurship Contest at a press conference, on Aug 9.

The press conference was held in the Beijing Economic-Technological Development Area (BDA) to introduce details for the contest, drawing some 100 attendees.

E-Town Financing Guarantee is a designated financial institute for the contest. Its new financial product will provide up to ten million bank loans guaranteed for eligible entries. For the final programs involved in the contest, it will provide unsecured guarantees of at most 5 million yuan ($726,782.53).

BDA companies can enjoy preferential guarantee fees of only 1.5 percent per year, which directly cuts around 35 percent of the cost of their financial guarantee.

The contest has been held annually for three consecutive years since 2015. To date, the contest has supported over 2,000 startups funded by more than 300 venture capital executive programs.

Hosted by the science and technology bureau in the BDA, this year’s contest will be divided into three categories – digital information and internet, biomedicine and health, and smart manufacturing and new materials. It is estimated to attract the involvement of more than 800 innovation and entrepreneurship programs.

The press conference for the 2018 Beijing E-Town Innovation and Entrepreneurship Contest is held in the Beijing Economic-Technological Development Area (BDA) on Aug 9. [Photo/etowncapital.com]

Beijing E-Town International Financing Guarantee Co launches a new financial product to support programs involved in the 2018 Beijing E-Town Innovation and Entrepreneurship Contest at a press conference on Aug 9. [Photo/etowncapital.com]