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An employee (2nd from R) from a bank exclusively for university students in Jiaxing introduces policies on loans to local students. [Photo/cnjxol.com]

A bank exclusively for university students in Jiaxing, East China's Zhejiang province, has helped many local graduates realize their dreams, local media reported.

In 2019, the Tongxiang talent office, human resources and social security bureau, the Association of Industry and Commerce, and the Bank of Agriculture and Commerce set up the first bank in China exclusively for university students looking to start businesses.

The bank offers up to 3 million yuan ($475,000) in unsecured loans to qualifying university students. It also provides them with free account management services such as business registration, opening an account, and online banking services.

"My business is going quite well due to such policies and help from tutors from the bank," said Xie Chaoyan, who runs beauty institution Beauty Up and has received support from the entrepreneurial bank.

A 300,000-yuan loan and a tutor from the bank helped put Xie's company on the right track, and she said that she believes her business will continue to improve.

To date, the bank has offered 135 million yuan in loans to 145 startups by university students.

In addition, Jiaxing authorities have cooperated with Jiaxing the Rural Credit Cooperative to offer 2 billion yuan in loans to people who start businesses in rural areas.