Loans for small builders

Loans for small builders

JAKARTA (JP): State-owned Bank Tabungan Negara will provide collateral-free loans for small developers who acquire land for building small houses, the bank's President Widigdo Sukarman announced yesterday.

"Small developers only need a recommendation from Real Estate Indonesia (the Association of Real Estate Developers) to get a collateral-free loan," he told reporters.

He said that small developers may also obtain recommendations from big developers to get a loan.

Widigdo said a developer should have assets of up to Rp 200 million (US$88,888) and the location permit covering five hectares of land to qualify for collateral-free loans.(04)