KATADATA - Micro, small and medium enterprises has always been the backbone of the Indonesian economy. However, many of these businesses in rural areas have no access to finance so the government going to focus more on the development of this sector.
To encourage banks for offering these businesses low-interest loans, Vice President Jusuf Kalla has officially authorised a new financial system called OJK Proxy. This purpose of this system is to ease funding for micro to medium businesses. This will ultimately help the micro and small enterprises to develop, and grow medium businesses into large enterprises. (Read: EMR Ministry Partners with OJK to Provide Financing for New Energy)
Kalla believes that the current system is unfair, as large and prosperous business players have easy access to the funding they need at low-interest rates. With the new financial system, Kalla hopes that the situation can change and micro to medium businesses can prosper.
He also said that achieving a balanced, prosperous state was crucial: if it were one-sided, there would be no justice in the growth of this nation. “This new, inclusive financial system is one of the ways to achieve that justice and balanced growth,” Kalla added. (Read: OJK: 20 Private Banks to distribute IDR 100 Trillion of KUR)
The Chair of the Financial Services Authority (OJK), Muliaman D. Hadad, confirmed this news. The new financial system is specifically designed to reach people in rural areas, and the government aims not only to improve their access to finance but also to create a low-interest loan scheme to help them out.
This new financial scheme is the product of a partnership between the OJK, several international organisations, including the Asian Development Bank and World Bank, and relevant ministries and education institutions. The next step is to form a special team to ensure that micro to medium enterprises to get the funding that they need. (Read: OJK Projects 2016 Bank Loan Growth at 14 Pct)
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