Govt aids small ventures

JAKARTA (JP): The government is allocating Rp 68 billion in revolving funds to be channeled to 1,000 groups of small-scale entrepreneurs, Minister of Cooperatives and Small Enterprises Adi Sasono said on Wednesday.

"We (the ministry) received Rp 68 billion in addition to our expenditure budget to develop the Institute of Productive Economy for Self-Sufficient Society," Adi told a media briefing.

Each of the 1,000 groups will receive Rp 59 million to be used to develop their businesses. Group, comprising at least 50 people, can operate in production, distribution or savings and loans businesses, he said.

Adi said the government would also provide a microcredit scheme for urban small businesses, such as street vendors, which in the past were faced with procedural barriers in obtaining bank loans.

The credit scheme is in addition to the 16 other schemes offered by the government to small and medium-scale businesses. (das)