Mizuho Bank is developing a securitization program to help start-up businesses - long denied easy access to bank loans - fund themselves. The first company to benefit from the facility is Tokyo-based MobileFactory, which provides advertising services for Internet sites available via cell phones.

Mizuho will calculate the potential earnings of MobileFactory, which will sign away ownership rights to future sales to a Mizuho-owned SPV, in exchange for a 10 million ($83.8 million) loan. Mizuho is believed to be in discussions with several other start-up ventures, and the program could raise several hundred million yen.

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