Jinan unveils talent support policy

Jinan, the capital of East China's Shandong province, has unveiled its latest talent policy known as the "30 Policies on Talent Service and Support in Jinan" and "30 Policies on Talent Development and Environment in Jinan" (2024).

The policy is aimed at increasing financial support for talents.

The new policy includes innovative measures such as the introduction of a "high-level talent entrepreneurship insurance" and the launch of a special loan product called "talent loan", according to a news conference on Dec 27.

The "talent loan" will address the challenges faced by small-sized enterprises that have difficulties in obtaining loans due to limited collateral.

The local government will provide financial assistance for intellectual property pledge financing and cover expenses such as loan interest, insurance premiums, evaluation fees, and pledge fees.

In addition, a local government financing guarantee company will provide up to 10 million yuan ($1.4 million) in loan guarantees to eligible enterprises.

Since its launch, the "talent loan" initiative has gained support from 25 partner banks. To date, 169 businesses have registered for loan and received 749 million yuan. Entrepreneurial guarantee loans amounting to 556 million yuan have also benefited 3,096 operating entities.

Under the new talent policy, Jinan will establish a 300 million yuan talent investment fund to address the financing needs of enterprises at different growth stages. The fund will provide direct investment and sub-fund business services to support talent start-ups.

Subsidies for talent enterprises seeking listings and equity financing will also be increased. Private equity institutions investing in technology-based enterprises in the seed and start-up stages for over two years will be eligible for a 5 percent subsidy based on their actual investment amount.