The government will submit to the Diet today two bills aiming to help small and medium-size enterprises revive their operations and create new businesses, government officials said Thursday.
The bills are to be endorsed by today’s Cabinet meeting before being submitted to the Diet, according to Ministry of International Trade and Industry officials. One bill concerns a new law to support renovation of smaller firms’ operations, which is designed for the government to help the companies update management by supporting their investment in plants and equipment, and cultivate workers and business methods, the officials said.
The bill also calls on the government to support those small and medium-size companies belonging to certain industries hard hit by the present economic situation and drastic changes in their business circumstances.
Under the planned new law, individual owners and their business circles in need of government support are required to draw up a plan to renovate and reinforce their operations. With government approval of such blueprints, smaller businesses would be granted such incentives as low-interest loans and subsidies