Is it possible for foreigners to take out business loans?
Japanese Business Loan system
In Japan, small companies procure funds from the Japan Finance Corporation, which is a governmental financial institution founded for the purpose of small companies, or borrow from small banks guaranteed by the Japan Federation of Credit Guarantee Corporations (JFG).
For a long time, it has been impossible for foreign entrepreneurs to take out business loans. Banks requested the companies to repay within the residence status period of the owner. If the period was 1 year, the repayment period was 1 year.
The possibility has arisen
But recently, the situation has changed.
JFG has started to provide guarantees for foreigners in the same way as for Japanese people.
Nonetheless, it's not so easy for foreigners to open business accounts. Most Japanese small banks request Japanese language ability for understanding their explanation.
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