Year-end emergency loans to smaller businesses must be secured
The Financial Services Agency (FSA) has recently advised local finance bureaus to carry out inspections of banks and credit unions by allowing for the year-end situation in which small- and medium-sized businesses need money more than at any other time of year.
This was in response to a request made at a House of Councilors committee meeting on December 6 by Daimon Mikishi of the Japanese Communist Party.
Daimon pointed out that the recent bankruptcies of local credit banks have been triggered by the FSA's inspections manual that is so stringent toward financing smaller businesses that increasing number of local banks have gone bankrupt.
Yanagisawa Hakuo, FSA minister, replied that the agency would make special efforts so that year-end financing will not be short for small businesses, hinting at the manual's revision.
Then, the agency faxed the transcript of Daimon's questioning and the minister's answer to its local branches.
Daimon stated that it is unusual for the FSA to forward a JCP member's questioning in the Diet. This is a good, though small, year-end gift for small businesses. (end)