TAIPEI (Taiwan News) — The economics ministry said Friday it has received more than 700 applications for its tariff relief programs, with loan requests alone reaching NT$1.13 billion (US$37 million).

The four programs, launched on Aug. 7, include enhanced export loan guarantees and R&D subsidies, per CNA. Officials said the measures are broad and fast, with relaxed rules and streamlined paperwork.

Officials said Economics Minister Kung Ming-hsin (龔明鑫) has met with seven major business groups and held forums with machinery and woodworking industries. Companies have called for reviewing applications by sector and giving extra support to firms investing in domestic equipment.

So far, the export loan guarantee program has approved eight cases, worth NT$253.72 million in guarantees and NT$287.6 million in financing. The expanded small business loan plan has drawn 120 applications, mostly from wholesale and metal products firms.

The R&D subsidy program has received 252 applications, led by the machinery and metals sectors. The overseas order program has attracted 321 applications, with 13 submitted from machinery, consumer goods, and metal manufacturers.

The ministry said affiliated agencies are helping companies refine market strategies and expand abroad. It added it will work with trade associations and guide them through the application process.