Government disburses $163m for micro businesses

first_imgIndonesia’s economy relies heavily on small businesses, which account for more than 60 percent of the gross domestic product (GDP) and employ a majority of the labor force.The assistance is meant to soften the economic blow of the pandemic, which shrank Indonesia’s economy by 5.32 percent year-on-year (yoy) in the April-June period.With a budget reaching Rp 22 trillion for the first phase, the government seeks to aid 4.5 million micro businesses by the end of this month, and the number of recipients is expected to increase to 9.16 million by the end of September. It plans to cover 12 million enterprises in total eventually.According to the Finance Ministry, state-owned pawnshop chain PT Pegadaian will disburse the funds to more than 59 percent of the 9.16 million recipients, followed by state-owned banks (32.09 percent), cooperatives and small and medium enterprise agencies nationwide (5.87 percent), the Cooperatives Movement (1.77 percent), regional development banks (0.88 percent) and rural micro lenders (0.03 percent). Cooperatives and Small and Medium Enterprises (SMEs) Minister Teten Masduki said the government had compiled data of around 17 million small businesses from regional cooperatives and SMEs agencies, government ministries and agencies, state-owned banks, the Financial Services Authority (OJK), state-owned financing firms and cooperatives.Teten said the assistance was especially aimed at micro businesses that had trouble getting loans from banks or did not have bank accounts at all.“With this productive social assistance, we hope unbankable micro businesses can improve and resume their businesses,” said Teten. “Moreover, it can increase financial inclusion with the new bank accounts being registered by micro enterprises that have not been connected to the banks so far.”The assistance comes as many small businesses struggle to survive the pandemic. According to a survey of 1,165 businesses conducted between April and May by the Asian Development Bank (ADB), 91.8 percent of small businesses said they needed loans without interest or collateral, and 89.5 percent demanded cash assistance or grants.The government has allocated Rp 123.47 trillion in the state budget for small businesses as part of its COVID-19 rescue package amounting to Rp 695.2 trillion. Of the budget for SME assistance, the government has spent 36 percent so far.Topics : President Joko “Jokowi” Widodo has launched the productive social assistance program for micro businesses to help them survive the economic crisis caused by the COVID-19 pandemic.The government started the program by disbursing Rp 2.4 trillion (US$162.9 million) directly to 1 million small businesses across the country, each receiving Rp 2.4 million. Businesses that have received other forms of government assistance, like an interest-rate subsidy or debt restructuring, cannot avail themselves of the new benefit.“Once again, I need to remind you that this productive social assistance is a grant, not a loan. I hope you will use it as additional capital to add more goods to sell,” Jokowi said during a virtual press conference on Monday, addressing the recipients.last_img read more

Read more

TERMON SET TO PACK THEM IN FOR FINAL OF THE €10,000 DRAGON FACTOR

first_imgYOU won’t meet Simon Cowell or even RTE business guru Bobby Kerr for that matter.But Termon is the place to be this Friday if you want to see the very best in Donegal’s budding business brains and have a bit of fun.Seven local entrepreneurs will go head to head in the Dragon Factor for a fantastic €10,000 business prize package at the live final in Craoibhin Community and Enterprise Centre at 7.30pm. The entrepreneur left standing will walk away with a range of prizes including €2,000 in start-up capital, a website, a stationery suite, financial and legal advice package, office equipment and signage.The Dragon Factor, the brainchild of the voluntary committee at Craoibhin, was inspired by the success of RTE’s Dragon’s Den.The committee launched this idea earlier this year in the hope of injecting new optimism into the local economy, in some small way.Inviting the people of Donegal to come forward with their ideas with the prospect of starting their own business, applicants were asked to think about the market they are operating in, who their customers are, how they are going to generate income. They were also asked what makes them different, what the costs are, both once-off start up costs and first year operational costs and where they want to see their business idea in 12 months time.Committee chairperson Michael McBride said he was delighted by the response to the competition. “We are thrilled at the level of support The Dragon Factor has received from participating organizations, sponsors and the local media.“The idea has generated great response within the county and has encouraged new businesses to come forward with their innovate ideas, thus inspiring the optimism it set out to inspire. I look forward to the final and to seeing the creative business ideas Donegal has to offer.”The seven finalists include: Denis Carr, iTime who has developed a web–based platform managing online bookings for leisure time activities, bringing service providers and customers together, Trevor Mahon, TM Lighting presenting the concept of low cost low energy lighting; Sean O Donnell, Hygienic Household Water Company with the concept of introducing water tank cleaning; Brian Kelly, presenting a new child safety feature for household doors; Aidan Robb, Cargo Defender with a product designed to limit cargo theft; John Curran, Derryveagh Vermiculture with the development of large worm waste products; and finally Rita Cassidy, Frames 4 U presenting personalised flower frames. The contestants will be split into two groups and will be asked to pitch their ideas to the panel of Dragons and the present audience.The Dragons will vote one from each group to go through to the Head to Head final round, where each contestant will have a five minute slot to sell their idea. The audience will then vote for the overall winnerThe Dragons include a number of well-known faces including Hugh Downey of Sharp Design, Paul Hannigan, President of the LYIT and Michael Tunney of the Donegal Enterprise Board.So don’t miss out on the exciting and fiery Dragon Factor Final this Friday, March 4th. The show starts at 7.30pm and tickets, price €5 can be bought at the door. Buffet refreshments are included in the ticket price.EndsTERMON SET TO PACK THEM IN FOR FINAL OF THE €10,000 DRAGON FACTOR was last modified: March 1st, 2011 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Read more