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Jakarta Post

BTN to loan Rp 75b to property SMEs through KoinWorks

  • Yunindita Prasidya

    Jakarta

Jakarta   /   Mon, October 12 2020   /  01:00 am
Construction workers build subsidized houses in Margadana, Tegal, Central Java, in February 2020. (Antara/Oky Lukmansyah)

State-owned Bank Tabungan Negara (BTN) has agreed to channel Rp 75 billion (US$5.1 million) in loans to small and medium enterprises (SMEs) in the property sector through online lending platform KoinWorks.  BTN signed a memorandum of understanding (MoU) with KoinWorks on Thursday, under which the bank has agreed to channel the funds through a supply chain financing mechanism to borrowers in the property sector, including but not limited to property suppliers and contractors.  Borrowers will be able to access loans of up to Rp 1 billion. Those who have complete documentation can receive the loan within five days.  “To date, we have given direct financing to developers. These developers need the rest of the value chain, for example, material supplies and contractors. KoinWorks will work on the latter,” BTN president director Pahala Nugraha Mansury said d...