Frustrated with banks, SMEs turn to other lenders – Thu 12 May 2022

(Jakarta Post)

PRIME

Jakarta ●
Thu 12 May 2022

Two-thirds of small and medium enterprises (SMEs) in Indonesia are looking to move away from conventional lending options this year.

Sixty-seven percent of domestic SMEs plan to adopt new or alternative debt products in 2022, according to a report by US analytics software firm FICO, while 70 percent of SMEs in the Asia-Pacific region are less than satisfied with access to credit from their main bank.

“Indonesian SMEs have made it clear that they need financial support in 2022, but are less optimistic about getting it from their main banks. This is a potentially worrying trend for traditional banks, given that there are more than 62 million SMEs in Indonesia, or one for every five Indonesians,” said Aashish Sharma, Senior Director of Money Management Solutions. FICO decisions for Asia-Pacific.

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