Tokyo, July 10 (Jiji Press)–The Japanese government will financially support small and midsize businesses affected by the bankruptcy of Zentoshin, a credit card payment processing service provider, industry minister Ryosei Akazawa said Friday. The affected companies will be allowed to receive loans with full credit guarantees under a program aimed at preventing a chain reaction of bankruptcies. Specifically, they will be able to receive up to 80 million yen in credit guarantees without collateral. “We will take all measures necessary to prevent damage to corporate finances and business continuity,” Akazawa told a press conference. The affected companies will be also eligible for loans from state-backed Japan Finance Corp. to smaller businesses struggling with lower incomes due to changes in the business environment. Finance Minister Satsuki Katayama said that Zentoshin’s bankruptcy has had no impact on the country’s financial system. Tokyo Star Bank said that it will write down 4 billion yen in loans in the year ending March 2027 because of Zentoshin’s failure. END [Copyright The Jiji Press, Ltd.]
Japan Govt to Support Smaller Firms over Zentoshin Failure
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