In a move to bolster business with small- and medium-sized enterprises (SMEs), UFJ Bank plans to provide a total of 650 billion yen (US$6.2bn) before the end of March to firms with annual sales of 1-3 billion yen.
The bank established a specialised section in December of last year to handle development of products aimed at smaller businesses, as well as ways to step up marketing of such products.
The UFJ Holdings Inc. banking unit will extend a total of 300 billion yen in unsecured loans that will be used mostly as working capital by borrowers and will underwrite 350 billion yen in privately placed bonds during the period.
UFJ Bank will also extend this year 1 trillion yen in unsecured loans to companies with less than 1 billion yen in annual sales.
Source: Asia Pulse
