September 30, 2026

The “Correct Borrowing Strategy” Under Rising Interest Rates

Now is the time to strategically use JFC, Credit Guarantee Associations, and direct bank loans

Financial and Economic Report for CFOs | Vol. 6 (2026.09.30)

This week’s keywords are “JFC base interest rates rise to 3.75–5.4%,” “Why they are still more favorable than private banks,” and “Now is the final opportunity to redesign your ‘borrowing order.’” These are the three key points.

In last week’s emergency special edition, I wrote about the overall picture of the interest rate environment—with a policy rate of 1.25% and long-term government bond yields exceeding 3%—and emergency measures. As a follow-up, this time I will discuss practical matters: “Can you actually use JFC now?” and “How should you differentiate between Credit Guarantee Association loans and direct bank loans?”

JFC interest rates have risen—yet there are still “reasons to use them”

The reality of JFC interest rates as of September 2026

Interest rates for JFC startup loans are generally set within the range of approximately 3.75–5.4% as a base rate (unsecured, as of September 1, 2026), and if you qualify for a special interest rate (preferential rate), they range from approximately 2.85–5.0%.

I want to convey something to business owners who still hold the perception that “JFC has low interest rates.” Interest rates have risen. However, the “reasons to use JFC” remain unchanged.

The Bank of Japan has raised the policy interest rate, and as a result, JFC interest rates may also rise gradually in the future. Nevertheless, it can still be said that this is business funding that is easy for many business operators to utilize.

Why? Because JFC does not “compete” with private banks but rather plays a “complementary” role. JFC has a mission to “provide policy-based financing” for cases that private banks are “likely to decline.” This structure does not change even if interest rates rise.

CFO/Management Perspective Comment:

「JFCの金利が3.75%台に上がった」と聞くと
「高い」と感じる経営者が多い。

しかし比較対象を間違えてはいけない。

比較すべきは「JFCを使わない場合の代替コスト」だ。

民間銀行で同じ条件の融資を求めると
4〜5%台になることが多い今の環境では、
JFCは依然として「0.5〜1%安い」選択肢だ。

さらにJFCの優位性は金利だけではない。
✓ 返済期間が長い（設備資金は最長20年）
✓ 担保・保証人が不要な制度がある
✓ 創業期・赤字・業況不振でも使える制度がある
✓ セーフティネット機能がある

「JFCを使えるうちに使っておく」という発想が
今の環境では最も合理的だ。

For founders and startups: 3 ways to lower interest rates

Under the special interest rate system for startup support loans, a reduction of 0.65% is applied if you do not hire employees, and a reduction of 0.9% is applied if you do hire employees. With this alone, the base rate of 3.35–4.75% drops to 2.70–4.10% (without employees). Those in the startup phase generally qualify for this.

Knowing or not knowing this can change your annual interest payments by hundreds of thousands of yen.

CFO/Management Perspective Comment:

「どうせ基準金利だろう」と思って
申請した経営者と、
「特例制度を事前に調べて
 優遇金利で申請した」経営者では、
同じ融資でも返済総額が変わる。

500万円を5年借りた場合の差額：
基準利率4.0%：年間利息約20万円
特例適用後3.1%：年間利息約15.5万円
年間差額：約4.5万円
5年間：約22万円の差

「申請前に制度を調べる」という
20分の手間が22万円の節約になる。

JFCに相談に行く前に
「特別利率・特例制度の適用条件」を
一覧で確認してから行くことを
強くおすすめする。

Loans with Credit Guarantee Association backing—accurately grasping your “current capacity”

The importance of checking unused guarantee capacity

One of the most important things in a rising interest rate environment is a strategy to “preserve your Credit Guarantee Association capacity.”

The unsecured limit for loans with Credit Guarantee Association backing is generally 80 million yen (general guarantee limit). If this capacity is fully utilized, you will not be able to use it as a “last resort” in an emergency.

As a CFO looking at my clients, I see a certain number of business owners who “do not realize that their capacity is full.” There are three numbers you should check right now: the total balance of your current loans with Credit Guarantee Association backing; the difference between your used capacity (total balance) and the limit (80 million yen); and whether you can use “separate limits” such as Safety Net Guarantees or Crisis-Related Guarantees.

CFO/Executive Perspective Comment:

「まだ枠が残っている」状態で
余裕を持って設計するのと、
「枠が満杯になってから
 どうしようと焦る」のでは
 選べる選択肢が全く違う。

保証協会の枠は「最後の砦」だ。
普段はプロパー融資・JFCを使い、
保証協会の枠は「危機の時の保険」として
意図的に温存する設計が正しい。

この設計ができている会社は
金利が上がっても「最後の手段」が残る。
設計できていない会社は
危機が来た時に打つ手がなくなる。

Redesigning the ‘Order of Borrowing’

The correct priorities in a rising interest rate environment

You must immediately discard the ‘just go to the bank’ mindset from the era of low interest rates.

The correct design for the ‘order of borrowing’ in the fall of 2026 is as follows.

The first priority is JFC (Japan Finance Corporation). It offers more low-interest, long-term, and fixed-rate options than private banks. It also has a safety net function. Use it proactively, especially during startup and recovery phases.

The second priority is the Marukei Loan (JFC via the Chamber of Commerce). Currently, it is a 2.9% fixed rate, up to 20 million yen, with no collateral or guarantors. If you meet the condition of ‘joining the Chamber of Commerce and receiving management guidance,’ it is one of the lowest-cost financing methods available.

The third priority is credit-guaranteed loans (via private banks). Use these for purposes or amounts that JFC cannot cover. It is important to design your borrowing to preserve your credit limits.

The fourth priority is proper loans (direct from private banks). Aim for these once your company has achieved three consecutive years of profit and has organized its finances. Interest rate negotiation is possible.

If you get this order wrong, you will end up accumulating high-cost debt instead of using the lowest-cost funds available.

CFO/Executive Perspective Comment:

「JFCは申請が面倒」という経営者がいる。

確かに書類は多い。
事業計画書・資金繰り表・
確定申告書3期分・通帳など。

しかしこの「面倒さ」の分だけ
金利が0.5〜1%安い。

500万円を5年借りて金利が1%違えば
返済総額が約25万円変わる。

「書類作成の工数×時給換算」と
「25万円の節約」を比較すれば、
どちらが合理的かは明確だ。

JFCの申請に必要な書類の多さは
「ハードル」ではなく
「それだけ本気の経営者だけが使える
 低コストの資金調達窓口」という
フィルターだ。

そのフィルターを通れる準備が
今できているかどうかを確認してほしい。

What I organized as a CFO this week

Companies that get the design of ‘where to borrow from’ wrong in a rising interest rate environment will definitely see the cost difference manifest over the next 2 to 3 years.

JFC loan interest rates are primarily fixed and consist of two parts: the ‘standard interest rate’ determined by the purpose of funds, repayment period, and presence of collateral, and the ‘special interest rate’ (preferential rate) applied when certain requirements are met, such as being a startup, or for women or young entrepreneurs.

Executives who understand this two-part structure check ‘which special interest rate applies to me’ before applying. Executives who do not check borrow at the standard rate. Even for the same amount and period, the total payment amount will differ.

There are two things I want SME executives to do this week.

①今月中にJFCの窓口（または商工会議所）に
  「現在使える制度・適用できる特別利率」を
  確認しに行く

②保証協会付き融資の残高と
  「まだ使える枠」を確認する

→「今使えるものを把握する」だけで
  次の資金調達の選択肢が広がる

→ 広がった選択肢の中から
  最もコストが低いものを選ぶ

これが「金利上昇に負けない
資金調達設計」の本質だ

Next Preview

第7回（10/7水）：
「補助金・助成金の2026年版全体地図
 ──今から申請できる制度と採択率を上げる方法」

ものづくり補助金・持続化補助金・IT導入補助金。
2026年秋の公募情報と
採択率を上げる申請書の書き方を整理する。

📎 Information Source:

Created based on public information as of September 30, 2026. Since JFC interest rates are reviewed monthly, please be sure to check the latest rates on the official website or at a branch before applying. This article is not an investment recommendation.

Author: Masayuki Harada | Representative of Juki Holdings. Drawing on experience from founding 6 companies and a hands-on perspective, I interpret financial and economic news from a business owner’s viewpoint.

The audio version of the note series “Design Office for Unsinkable Startups” is also available
🎧 Podcast: https://open.spotify.com/show/0346LCxkXGP868r5MNSGbn

#JFC #JapanFinanceCorporation #Fundraising #RisingInterestRates #SMEs #Startups #BorrowingStrategy #CreditGuaranteeAssociation #ProperLoan #MarukeiLoan #Management #CFO #StartupLoan #FinancialManagement #note