Aiful, Sumitomo Trust to set up lending JV for small firms+.TOKYO, Nov. 27 Kyodo Consumer-finance company Aiful Corp. and Sumitomo Trust & Banking Co. said Monday that around next January they will set up a joint venture to provide loans to small-sized companies. The joint venture, Busi Next Corp., plans to begin operations in the spring of next year, quickly providing loans of up to 10 million yen by taking applications through the Internet and other fast means and immediately beginning credit checks. Because small businesses' demand for such quickly disbursed funds has been strong but financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. for meeting it have been underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. , the consumer-finance firm and the trust bank said they have decided to enter the field. The new company will be capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. at 3 billion yen, 60% of which will be owned by Aiful and the remainder by Sumitomo. It will aim to see 100 billion yen in the outstanding balance of loans five years after starting operations. Moreover, the joint venture will aim to post profits the second year, dispose of all accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. losses the third year, and post 5 billion yen in pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profits the fifth year. |
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