New labor ministry statistics show that nearly half of new micro-business startups in Taiwan last year were in the wholesale and retail industry. The figures out on Tuesday showed that those businesses made up 46% of all new micro-business startups. The second most popular type � representing 22% of the total -- was the accommodation and food industry. That would include things like food carts.
The labor ministry said that starting a micro-business is the most common way to make a living. That's because it only takes one million NT dollars (US$33,000) or less to fund that kind of startup.
More and more people are choosing to work for themselves because starting salaries in Taiwan are low. The labor ministry said that last year alone, it approved 422 applications for loans for micro-businesses.
The labor ministry has drawn up several loan and subsidy programs, as well as counseling sessions to help new business startups.
Loans are limited to NT$1 million (US$33,000) for a maximum of seven years. The loan would be interest free for at least the first two years, and no guarantor would be required.
Source: Radio Taiwan International