Loan for Materials Handling Equipment Sales Finance Business in United States
Supporting Overseas Business Expansion of Japanese Materials Handling Equipment Industry
- Region: North America
- Manufacturing and Services
- Overseas Investment Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on June 29 a loan agreement amounting to up to USD270 million (JBIC portion) with Toyota Industries Commercial Finance, Inc. (TICF), a US subsidiary of Toyota Industries Corporation (Toyota Industries). The loan is co-financed with private financial institutions, bringing the total co-financing amount to USD450 million.
This loan is intended to partially provide, through TICF, the funds required by Raymond Leasing Corporation, another US subsidiary of Toyota Industries, to conduct sales finance business for Raymond-branded materials handling equipment in the United States. The loan follows similar loans made to TICF in February 5*1
and June 23, 2021*2
The materials handling equipment market in the United States continues to expand and remains an important market for Toyota Industries, which maintains a strong presence in the country. As sales finance is often used when purchasing materials handling equipment in the United States, the sales finance business has become an important strategy for manufacturers to promote their sales. This loan will provide financial support for the overseas business expansion of Toyota Industries through funding materials handling equipment sales finance business, thereby serving to maintain and improve the international competitiveness of the Japanese materials handling equipment industry.
As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities and schemes and performing its risk-assuming function.