A ceremony for young entrepreneurs from Huzhou, East China's Zhejiang province receiving low-interest loans is held on May 27. [Photo/hz66.com]

More than 750 young entrepreneurs from Huzhou, East China's Zhejiang province had applied online for low-interest loans worth 738 million yuan ($113.54 million) as of May 27, since the opening of the online platform at the end of April.

Lin Gaohui, who is still a graduate student, applied for 300,000 yuan in credit. Along with a group of friends and classmates, Lin registered Huzhou Jimu Space Design Co Ltd in September last year.

According to Lin, the loan that they acquired has boosted their confidence, with which they plan to recruit employees and tap into opportunities in sectors including cultural and creative design and homestay development.

Zhao Guhua, a worker at the Huzhou branch of Postal Savings Bank of China, said that they had rolled out a total of 10 credit products tailored for young entrepreneurs from the city.

In 2020, Huzhou reached a partnership with the bank to ramp up financial support for young entrepreneurs. In the past 11 years, more than 2 billion yuan in loans has been allocated to over 7,000 young entrepreneurs in the city, creating more than 30,000 jobs.