SMBC Expands Coronavirus Funds to 1 Trillion Yen

Economy

Tokyo, May 22 (Jiji Press)--Sumitomo Mitsui Banking Corp. said Friday it has expanded two funds to support companies hit by the coronavirus crisis to 1 trillion yen in total.

The Japanese bank used the Bank of Japan's new fund-supplying program set up in March to help banks lend more.

One of the funds, designed to help major companies maintain their supply chains, was boosted to 600 billion from the initial 200 billion yen.

Another for smaller businesses was increased to 400 billion yen from 100 billion yen to finance their operations and capital spending.

The BOJ introduced the fund-supplying program in March to extend zero interest loans to financial institutions, helping them to lend at lower interest rates.

[Copyright The Jiji Press, Ltd.]

Jiji Press