THE Qingdao College Students Start-up Investment Fund provided its first investment of 5.5 million yuan (US$830,000) Oct. 29, the fund’s launch day.

    The recipient, Nie Shunhai, a college graduate who founded Qingdao Shenghuoke Trading Co., said: “The turnover of our company is expected to reach 400 million yuan in one and a half years, thanks to the 5.5-million-yuan support fund.”

    The fund, with total assets of 40 million yuan, was co-founded by the city’s human resources and social security bureau, Qingdao Zhongqing Bangde Investment Management Co. and Qingdao Rongdao Investment Co.

    It aims to help start-ups through offering business premises, capital and consultation.

    “It is the result of joint efforts by the government and investment companies,” said Liu Weiguo, vice chief of the bureau. “It helps finance students with good start-up proposals.”

    Liu said the fund will provide low-rent offices for start-up companies and also provide training.

    The fund is mainly intended for those who graduated within the last five years. Students will also be eligible for funding if their start-up ideas are viable. “We will keep an eye on high-tech projects in agreement with Qingdao’s strategic shift in the economy. There is no ceiling as to how much one company can get,” Liu said.

    Applicants can visit http://www.qdpb.gov.cn/fhjd.html, the fund’s official Web site, or call 0532-68611001 for further details.

    (Chen Ting, Jia Feng)