From the beginning of the year until October 25, 2022, the government has disbursed People's Business Credit (KUR) with a total loan agreement value of Rp293.66 trillion and approximately 7 million debtors.
Based on data from the Ministry of Finance's Credit Program Information System (SIKP), the sector receiving the most KUR this year is wholesale and retail trade, with a loan agreement value of approximately Rp138.52 trillion.
The next largest KUR went to the agriculture, hunting, and forestry sector; the processing industry; community, social, cultural, and entertainment services; and the provision of accommodation, food, and beverages, with credit agreement values as shown in the graph.
According to the Coordinating Minister for Economic Affairs, Airlangga Hartarto, the disbursement of KUR has had a positive impact on Indonesia's economic growth.
“The KUR disbursement, which in 2016 contributed 0.76% to the gross domestic product (GDP), reached 2.08% of the GDP in the first quarter of 2022,” said Airlangga in his press release on Friday (July 22, 2022).
“KUR also contributes to the absorption of new workers, which in 2021 successfully absorbed 12.6 million workers,” Airlangga continued.
Separately, the Minister of Cooperatives and SMEs, Teten Masduki, stated that the government will increase the KUR ceiling from Rp373 trillion in 2022 to Rp460 trillion in 2023.
“(The ceiling increase) is certain and has been determined. The amount is increasing,” said Teten, as reported by Bisnis.com on Thursday (October 6, 2022).
“With a larger amount of KUR, we will also develop business models, for example, MSMEs that have joined Blibli or Ranch Market clusters can use Cluster KUR with a ceiling of up to Rp500 million per person,” he continued.
“The concept and policy are in place, but policy doesn't have legs of its own; it needs piloting first. I have done a lot of piloting and it will be launched in November,” concluded Teten.