Hefei National High-tech Industry Development Zone officially launched the "Qiaomeng Loan" financial product on March 25 in a bid to attract more overseas Chinese to start businesses there.

The loan will provide a maximum guarantee amount of 20 million yuan ($3.15 million) for whitelisted customers including enterprises that settled in Qiaomengyuan, an industrial park for businesses of overseas Chinese in the Hefei high-tech zone, and enterprises that were included in the Western Returned Scholars Association of the zone.

Such enterprises are characterized by high-level teams and high R&D investment. The loan product is expected to provide a financial guarantee for overseas Chinese and overseas students to make scientific and technological innovations and commercialize their achievements as well as promote the development of the Qiaomengyuan brand.

The "Qiaomeng Loan" features lower loan costs, financial discounts and flexible guarantee methods. Customers can use pure credit or an intellectual property pledge to increase their credit lines.