The Fu Min Dai loan launched by Tongzhou district in Nantong helps local enterprises and merchants expand their businesses more easily. [Photo/ntfabu.com]

The Tongzhou district of Nantong city in East China's Jiangsu province is moving to help more of its people to prosper, in the wake of the 236 Fu Min Dai loans it has issued since the release of the assistance funding program in July 2020.

Some 5.29-million-yuan ($829,049) subsidies have been offered by the government to reduce the interest of 236 Fu Min Dai loans, worth over 35 million yuan, according to an official announcement released by the district's human resources and social security bureau on Jan 4.

In order to better implement the new initiative to boost entrepreneurship and employment, Tongzhou district expanded the range of applications, simplified procedures, raised the loan limits and extended the period of interest subsidies.

Yan Jun, living in Jinsha sub-district, opened a children's clothing store several years ago. Having tasted the success of a startup, she decided to expand her business. Some time ago, Yan took part in training and prepared to open a pastry store.

As a result, she visited the high-tech zone branch of Nantong Rural Commercial Bank and obtained a 150,000-yuan interest-free loan.

In addition, local unemployed and those with employment difficulties, unemployed with foreign household registrations who live in Tongzhou – as well as full-time college graduate and undergraduate students and other urban and rural entrepreneurs – can apply for a Fu Min Dai loan.