【COVID-19】Loan program during COVID 19 pandemic helps to encourage youth entrepreneur in Taiwan creative industry
Source：Service Industry Promotion Center
From：Service Industry Promotion Section 2
Update Time：2020/10/05
In response to the outbreak of COVID 19, Taiwan government is taking comprehensive measures to youth entrepreneur.
The Ministry of Culture launched a new loan scheme on Sept. 23, providing loans with the sum up to 12 million NT dollars to cultural and creative businesses less than five years and run by individuals aged from 20 to 45. The scheme is a joint project organized by the Ministry, the Taiwan Creative Content Agency, the Small & Medium Enterprise Credit Guarantee Fund of Taiwan (Taiwan SMEG, 中小企業信保基金), and ten banks in Taiwan.
Banks were unfamiliar with the cultural and creative industry, creative enterprises thereby had less opportunities to get the loans, the Minister of Culture Lee Yung-te said at a press conference on Sept. 23. The Ministry has hence sought approval from the Executive Yuan to set aside NT$10 billion for loans to cultural and creative businesses and NT$60 billion funding for the youth entrepreneur support project, Lee explained.
The loan program is open to the creative and cultural businesses that have existed for less than five years and run by individuals aged 20 to 45. The individuals are also required to take 20 hours physical or online courses. Eligible performing groups, Youtubers, podcast creators, bookstores, animation companies, exhibition organizers, and craft, design, music or illustration studios are encouraged to apply.
To further boost the nation's creative industries, the Ministry will team up with Taiwan SMEG before the year end to launch an equally favorable loan scheme for those who are in the sector but over 45 years of age or have businesses that have been established for more than five years.
Source by Ministry of Culture