Bankrupt Audacity in Early Fundraising

““I don’t have money to deposit, but I want a loan: 100 million yen. However, I have no collateral, it’s just that I’ve just started my business, so I lack a track record. I have no credit. I don’t want to set up a guarantor by policy. I have nothing, but please lend me 100 million yen at the prime rate. I don’t want it at a high-interest rate because I can’t repay.” Masayoshi Son was only 24 years old. Facing a young entrepreneur the age of his son, Branch Manager Masayoshi Gokitani burst out laughing. Yet Masayoshi Son continued: “What I possess is endless passion, and the field I’m targeting is the one the world needs, so I think there will be demand, but I can’t prove it.””

“At that time, Gokitani had almost no knowledge about PCs or software. However, the explanation of the business content given by Masayoshi Son was very coherent and understandable. Gradually, he began to take interest and intuitively felt, “This could work.” They talked for about an hour. A loan of about 20 million yen was possible at the branch manager’s discretion. However, for 100 million yen, it had to pass through the head office’s screening department. After Masayoshi Son left, Branch Manager Gokitani called Dai-Ichi Kangyo Bank’s Osaka and Namba branches. It was to approach Joshin Denki and Sharp. Gokitani had previously worked at the Osaka branch. President Norihiro Sumikawa of Joshin Denki responded to the Namba branch manager: “I intend to do business positively.” Also, Vice President Masaharu Sasaki of Sharp directly called the loan deputy manager of the Osaka branch and conveyed: “I know Mr. Son well. He is reliable. If Dai-Ichi Kangyo can take care of him, I would be most grateful.” The headquarters’ corporate department, which examines small loan projects, promptly discussed it, including Branch Manager Gokitani. The screening results were a total of minus fifteen points. However, Gokitani added fifteen points in the “Future Prospects” item, resulting in a final score of zero, and the loan was eventually approved. Just a week later, Dai-Ichi Kangyo lent 100 million yen to SoftBank Japan at the prime rate at that time.”