Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, December 23, 2022, 5:45 pm to 6:23 pm)
 

[Opening remarks:]

The Financial Services Agency, the Ministry of Finance, and the Ministry of Economy, Trade and Industry today compiled and announced the Program for Reforming Personal Guarantee Provided by Business Owners.
This program includes measures to accelerate the establishment of financing practices that do not rely on personal guarantees by business owners, such as thorough explanations and record-keeping to prevent financial institutions from demanding personal guarantees by business owners without careful consideration and thereby creating bottlenecks for start-up businesses and early business restructuring, as well as the relaxation of the requirements for dispensing with personal guarantees by business owners in the Japan Finance Corporation's system.
The Financial Services Agency and the Ministry of Finance intend to work in cooperation with relevant ministries and agencies to establish new financing practices by steadily implementing this program.