10.4 billion yen in loans to the Japanese shipbuilding industry from The Nippon Foundation will be disbursed on 10 March to 25 organizations that have applied for financial aid.

This long-term, low-interest loan will be used to improve shipyard facilities, provide equipment financing, stocking of needed materials, and to support necessary working capital for the coming fiscal year.

The Nippon Foundation’s Tokyo Office

Although the 10.4 billion yen is a decrease from last year’s 13.1 billion (provided to 49 companies), this coming fiscal year’s loan will allow for the purchase of needed office equipment, machinery, improvement of ship docks, funds for land acquisition, and overhead costs. The interest rate on this 15 year loan is 2.2 %.

Organizations eligible for such financial loan support are Japanese shipping companies, shipbuilders, and related industries such as marina developers. These organizations who applied for a share of the 10.4 billion yen loan will receive the amount they requested on 10 March.