Japanese SMEs offered post-COVID assistance
The government wants to see changes within the leathergoods sector.
Image © MivPiv | iStockphoto.com
According to the Japan Leather and Leathergoods Industries Association (JLIA), the national government’s Ministry of Economy, Trade and Industry is offering financial support to help the country’s small and medium businesses (SMEs) recover from damage caused by the COVID-19 pandemic. The ministry is also said to be in favour of SMEs drastically restructuring their operations.
The industry body has announced its support for the plan and has encouraged member companies to take advantage of the available package and to restructure their businesses. The government reportedly wants to see new markets being developed and new commercial formats established – as well as, if possible, the expansion of trading operations.
SMEs with five employees or fewer are being offered subsidies of up to $45,000 (£32,600) and firms with up to ten members of staff may receive $90,000 (£65,200). For larger businesses with 21 or more employees, the government is offering subsidies of up to $135,000 (£97,800).
This article was originally published on page 2 of the May 2021 issue of SATRA Bulletin.