Small Firms Seeking Fintech Assistance in Financing before Long Holiday

Economy

Tokyo, April 23 (Jiji Press)--Small and midsize companies in Japan are increasingly making use of financial technology services for financing to prepare for the special 10-day holiday from Saturday, during which megabanks and regional banks will be closed.

Many small businesses worry about concentration of rent, salary and other payments before the expanded "Golden Week," including holidays to mark Emperor Akihito's abdication and Crown Prince Naruhito's enthronement, because they are to receive proceeds from sales after the long holiday.

For them, Japan Net Bank collaborated with Tokyo-based accounting software developer freee K.K. to offer immediate funding services.

Based on sales data input by companies using freee's software, the bank conducts prior screenings and set credit lines between 500,000 yen and 30 million yen.

Within the credit lines, companies can borrow money as many times as desired and withdraw cash from automated teller machines of Seven Bank, one of partners for the online bank, which does not operate own ATMs, even during the holiday.

[Copyright The Jiji Press, Ltd.]

Jiji Press