A Study on the Capitalization of the Small Lodging Industry, Takao IKADO, 26, 4, 133, 144, 26 Mar. 2024, Low productivity has been pointed out as an issue for the small lodging industry in Japan, and it is assumed that one of the barriers to productivity improvement is the capital structure of the industry, in which small capital enterprises are overburdened with debt based on personal root guarantees. In foreign cases, there are examples of "local lodges" that aim to preserve the natural environment and traditional culture, maintain the local population, and promote economic development. The capital for these lodges is often based on private funds such as charitable foundations or donations. In Japan, where there is no culture of endowment, there are few cases where the personal financial assets of the elderly are directed to lodging business capital, as they only grow. On the other hand, there are many cases where subsidies become pseudo-capital. Therefore, we would like to propose a collective impact lodging business management in which local governments, the lodging industry, and the financial sector collaborate to invest in small lodging businesses.