5 Preparations Before Applying for MSME Loans to Increase Year-End Stock
Jakarta, VIVA – A surge in demand encourages many MSMEs to increase their stock levels beyond usual monthly volumes. However, existing working capital is often insufficient. MSME loans are one option, but applying without preparation risks rejection or resulting in burdensome instalments once the peak season has passed.
Preparation can begin by choosing a legal online loan application registered and supervised by the OJK (Financial Services Authority). Additionally, the following five preparations will help make your application more robust.
Preparations Before Applying for MSME Loans for Year-End Business
Thorough preparation is vital to ensure the MSME loan application process runs smoothly and that instalment expenses remain controlled until the end of the year. With good planning, you can ensure smooth business cash flow without disrupting daily operations.
- Prepare Business Documents (ID Card, Proof of Business, Bank Statements, and Transactions)
Common documents usually required during application include an ID card (KTP), a bank account in your own name, bank statements, and proof of income or business proof. For unsecured personal loans (KTA) such as Tunaiku, commonly requested documents include an ID card, proof of income, bank statements, NPWP (Taxpayer Identification Number) if available, and a recent photograph.
Proof of business can take the form of a Business Identification Number (NIB), which is processed online via oss.go.id. The NIB serves as a single identity for business actors and proof of legality for individual businesses. To process it, you will need your NIK (National ID Number), NPWP, an active email, and a telephone number.
- Calculate a Realistic Loan Amount Based on Stock Requirements
The second preparation is calculating a realistic loan amount. This figure can be determined by calculating the difference between the required stock expenditure and the capital already available.
Estimate stock requirements based on sales data from the previous year-end, rather than using rough estimates. For illustration, if stock requirements are approximately Rp25 million and available capital is Rp15 million, there is a deficit of about Rp10 million. The loan amount should only cover this deficit; there is no need to over-borrow just because a limit is available, as excessive loans increase interest costs without necessarily increasing sales.
- Choose a Platform Licensed and Supervised by the OJK
Next, verify the legality of the platform through ojk.go.id, by contacting the OJK at 157, or via OJK WhatsApp at 081157157157. Legal applications only request access to the camera, microphone, and location, known by the acronym ‘CAMILAN’.