Kumamoto Earthquake Support - Launch of Financial Support System for Homes and BusinessesInterest-free loans for rebuilding or purchasing homes
Since immediately after the earthquakes that struck Kumamoto and surrounding prefectures in April, The Nippon Foundation has been conducting surveys to assess the damage and various needs in affected areas, and is working closely with people in affected areas on activities to accelerate reconstruction.
With four months having passed since the earthquakes struck, support efforts are shifting from recovery to reconstruction, and many people face the prospect of not knowing whether they will be able to rebuild their homes or secure a place to live. Factories, stores, and other facilities have also suffered major damage, and this is having an adverse impact on local economic activity.
Based on the agreement concluded with the Kumamoto Prefectural Government in April to establish a financing structure to support the reconstruction of homes and businesses (the Wagamachi Fund* in the amount of three billion yen), The Nippon Foundation has finalized the first-stage (approximately one billion yen) financing support structure in cooperation with Kumamoto Prefecture and a local homebuilding center. This interest-free structure for housing reconstruction is the first to be established in response to the Kumamoto earthquakes.
In addition, based on the agreement concluded with the Oita Prefectural Government in June to establish a financing structure to support the reconstruction of homes and businesses (the Wagamachi Fund* in the amount of 500 million yen), the Nippon Foundation has finalized the first-stage (approximately 350 million yen) financing support structure in cooperation with two local homebuilding associations to cover interest and guarantee deposit fees for home and business reconstruction.
- The Nippon Foundation Wagamachi (Our Town) Fund is a project launched in June 2013 in cooperation with Seibu Shinkin Bank, using local finance to reinvest local funds to address local issues and achieve healthy communities under the concept of “communities creating and supporting their future.” Working with five shinkin banks (credit unions) in the three prefectures of Iwate, Miyagi, and Fukushima, the Fund has supported reconstruction from the Great East Japan Earthquake that struck northeastern Japan in March 2011, and as of July 31, 2016, had subsidized approximately 2.1 billion yen of interest payments for 1,542 construction projects, contributing roughly 41.4 billion yen to the recovery of local economies.
The Nippon Foundation