Mizuho Financial Group will launch an AI-evaluated loan program for startups. The fund launches with 10 billion yen, and the quick turnaround of AI evaluation means Mizuho will be able to shorten the loan decision process from the one month it used to take to one week.
Interest rates are expected to range from 3-7%, and loans can be made for up to three years.
Japanese banks' willingness to lend is increasing as market interest rates in Japan rise. Resona Bank and Shizuoka Bank have also entered the venture debt market for start-ups, and Aozora Bank has expanded its lending to startups, aiming to make 130 new investments by FY25.
Source : https://www.nikkei.com/article/DGXZQOUB068VU0W3A101C2000000/
