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National Development Fund plans NT$100 mil. to back local start-ups

TAIPEI -- The government's National Development Fund plans to allocate NT$100 million (US$3.3 million) over five years to back local startup companies.

Under the program, set to be officially announced Monday, a grant will be provided to companies less than three years old and new businesses that are currently being established, according to officials.

Individual or companies will be able to apply for up to 40 percent of overall operating costs or NT$10 million, whichever is lower.

Each recipient will be required to “pay back” the grant sometime between the third and seventh year after receiving it, assuming the company does not have accumulated losses.

The company can compensate the Development Fund a minimum of 5 percent of its net value from one of those years or a maximum of two times the value of the grant it originally received.

The grant is expected to benefit entrepreneurs across industries.

The National Development Fund, set up in 1973, is replenished by both taxpayer money and proceeds from the privatization of state-owned companies.

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