Bank Mandiri inks financing scheme for warehouse buyers
The Jakarta Post
State-owned lender Bank Mandiri and warehouse company PT Mitra Makmur Bagya (MMB) - part of property developer Ciputra Group - signed a financing agreement for the latter's warehouse buyers in Jakarta on Friday
Under the agreement, the publicly listed lender will provide a maximum of Rp 10 billion (US$746,269) worth of financing for up to 10 years for a buyer that has secured a recommendation letter from MMB and has passed Mandiri's internal verification.
The bank will provides a Rp 50 billion ceiling in total for the partnership.
The scheme is expected to assist small and medium enterprises (SMEs) to secure warehouses to support their businesses, MMB president director Harun Hajadi said.
"Many of our customers are interested in our warehouses but face difficulties in funding the purchase," he said during the signing ceremony.
Mandiri retail banking director Tardi admitted that the country's largest lender by assets had yet to aggressively tap into the SME segment.
Instead, it is still consolidating its internal structure to strengthen the segment.
"We have [outstanding] loans worth Rp 60 trillion in the segment [as of April]," he said.
"We hope this agreement can support the expansion of both companies." (bbn)
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