Indonesia gives small, medium businesses six-month window for loan forgiveness
JAKARTA - Indonesia has opened a six-month window until May 2025 for certain businesses to receive full loan forgiveness from state banks, a policy that aims to boost loan and economic growth, according to details of a new regulation.
"We hope this could help our brothers and sisters who work in agriculture, MSMEs, and as fishermen who are very important food producers. They can continue their businesses and they can be more useful for the nation," Prabowo said in a statement. The beneficiaries of the new regulation are MSMEs with bad debts of up to 500 million rupiah , and the loans need to have been written off by banks at least five years before the forgiveness policy took effect, according to the regulation.
State bank Rakyat Indonesia , which focuses on MSME lending, said the policy will open new loan opportunities, while Bank Mandiri said the policy will have no financial impact.
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