Zhejiang Talent Microfinance Co Ltd is founded at an unveiling ceremony at the Dream Town of the Hangzhou Future Sci-Tech City on Jan 8. [Photo/zj.zjol.com.cn]

Zhejiang Talent Microfinance Co Ltd started operating at the Dream Town of the Hangzhou Future Sci-Tech City on Jan 8, with a ceremony being held to mark the event.

The company aims to help address financing issues faced by startups, which usually have difficulty acquiring funding.

Officials said that the company is China's first regional financial organization specializing in offering services for high-caliber talent.

The company was founded in December 2019 by Zhejiang Ideal Loan Co Ltd in partnership with two state-owned companies - - Zhejiang Equity Service Group Limited Corporation and Zhejiang Dream Town Investment Development Co Ltd. Its registered capital is valued at 100 million yuan ($14.41 million).

The company will pilot its financing projects in Yuhang district before promoting them throughout Hangzhou and Zhejiang province.

The company is capable of offering diversified, personalized, and efficient services to help top-notch talent start businesses, according to Shen Liming, general manager of Zhejiang Talent Microfinance Co Ltd.

After applying, entrepreneurs can receive small loans within three seconds, said Shen, adding that high-caliber talent must have a previous credit history.

During the ceremony, Song Jun, co-founder of Zhejiang Laseruna Laser Technology Co, received 300,000 yuan in loans from the company.

"The loan will be used to purchase equipment," Song said, "I didn't expect to get the loan so quickly."

The company plans to continue working with Zhejiang Equity Service Group Limited Corporation and Zhejiang Dream Town Investment Development Co Ltd to provide financing, counseling, and training services.