MAKALAH
USAHA KECIL DAN MENENGAH
(SMALL AND MEDIUM-SIZED ENTERPRISES)
Disusun Oleh:
1. Indah Margareth (23215336)
2. Junita Kurniawati (23215638)
3. Rosalia Ernawati (26215271)
Kelas : 1EB22
AKUNTANSI, FAKULTAS EKONOMI
UNIVERSITAS GUNADARMA
Jalan KH. Noer Ali Kalimalang
Bekasi Barat, 17145 Telp. (021) 888601
2016
SMALL AND MEDIUM-SIZED ENTERPRISES (SMES)
1. DEFINITION OF SMES
Small and medium-sized enterprises (SMEs) are non-subsidiary, independent firms which employ fewer than a given number of employees. This number varies across countries. The most frequent upper limit designating an SME is 250 employees, as in the European Union. However, some countries set the limit at 200 employees, while the United States considers SMEs to include firms with fewer than 500 employees.
Small firms are generally those with fewer than 50 employees, while micro-enterprises have at most 10, or in some cases 5, workers.
Financial assets are also used to define SMEs. In the European Union, a new definition came into force on 1 January 2005 applying to all Community acts and funding programmes as well as in the field of State aid where SMEs can be granted higher intensity of national and regional aid than large companies. The new definition provides for an increase in the financial ceilings: the turnover of medium-sized enterprises (50-249 employees) should not exceed EUR 50 million; that of small enterprises (10-49 employees) should not exceed EUR 10 million while that of micro firms (less than 10 employees) should not exceed EUR 2 million. Alternatively, balance sheets for medium, small and micro enterprises should not exceed EUR 43 million, EUR 10 million and EUR 2 million, respectively.
SMES in Indonesia
Definition of SME and Its basis
The definition of ‘Small & Medium Enterprises’ under Indonesian law differs from the generally accepted definition of ‘Small & Medium Enterprises(UKM―Usaha Kecil dan Menengah)’. The country’s definition of ‘Small &Medium Enterprises’ was set out in the Small Enterprise Act No. 9 of 1995(UNDANG UNDANG REPUBLIK INDONESIA NOMOR 9 TAHUN 1995TENTANG USAHA KECIL), where companies that would generally be considered medium sized are included under the definition for “small enterprises” and the definition for “medium enterprises” under Indonesian law roughly equates to the Japanese definition of “medium enterprises”.
The definition of small enterprises under Act No. 9 is as follows:
a. A business that owns net assets worth 200 million rupiahs or less. However these assets shall not include land or buildings.
b. Annual Sales of 1 billion rupiah (net) or less.
c. Owned by a citizen of Indonesia.
d. An independent economic entity, which is not a subsidiary or branch of a large or medium enterprise, and is not directly or indirectly controlled (including where the operator is dispatched from a large or medium enterprise) by a large or medium enterprise.
e. The business is managed by an individual, an unincorporated entity, or a cooperative organization.
DEVELOPMENT OF THE NUMBER OF UNITS AND WORKFORCE IN SMES
SMEs have historically been the main player in the Indonesian economy, especially as a large provider of employment opportunities, and hence a generator of primary or secondary sources of income for many households (Tambunan, 2006). Typically, Indonesian SMEs account for more than 90% of all firms (Table 5), and thus they are the biggest source of employment, providing livelihood for over 90% of the country’s workforce, especially women and the young. The majority of SMEs, especially the smallest units, i.e.
MIEs are scattered widely throughout rural areas and therefore may play an important role as a starting point for development of villagers’ talents as entrepreneurs, especially those of women. MIEs are dominated by selfemployment enterprises without hired paid workers. They are the most traditional enterprises, generally with low levels of productivity, poor quality products, and serve small, localized markets. There is little or no technological dynamism in this group.
The majority of these enterprises are comprised of subsistence activities. Some of them are economically viable over the long-term, but a large portion is not. Many MIEs face closure or very difficult upgrading especially with import liberalization, changing technology and the growing demand for higher quality modern products. However, the existence or growth of this type of enterprise can be seen as an early phase of entrepreneurship development.
Table. Total Units of Enterprises by Size Category: 1997-2006 (In thousand)
The output structure by size of enterprises and sectors shows that agriculture has always been the key sector for SEs, as they produce around 86% to 87% of total output in the sector. The second important sector for this group of enterprises is trade, and hotels and restaurants with their annual share ranging from 74% to 76%. MEs, on the other hand, have the largest output contribution in finance, rents & services at around 46% to 47%, followed by transportation and communication with a share ranging from the lowest 23.47% in 2006 to the highest 26.22% in 2001. In manufacturing industries, both SEs and MEs are traditionally not as strong when compared to LEs.
In the manufacturing industry, SMEs are involved mainly in simple traditional manufacturing activities such as wood products, including furniture, textiles, garments, footwear, and food and beverages. Only a small portion of total SMEs are engaged in the production of machinery, production tools and automotive components. This is generally carried out through subcontracting systems with several multinational car companies such as Toyota and Honda. This structure of industry reflects the current technological capability of Indonesian SMEs, which are not yet as strong in producing sophisticated technology-embodied products as their counterparts in other countries such as South Korea, Japan, and Taiwan.9 With respect to output growth, the performance of SMEs is relatively good as compared to that of LEs
The output growth of SEs and MEs was 3.96% and 4.59% in 2001 and increased to 5.38% and 5.44%, respectively in 2006, compared to LEs with a growth rate of 3.04% and 5.60%. Thus, SMEs’ contribution to the annual GDP growth is higher than that of LEs (Figure 1). The higher growth rates in SMEs are not because their productivity in general is higher than that in LEs, but mainly because their number is huge and the increase of total workers in these enterprises are always higher than that in LEs, as the latter in general have more capital (or less labor) intensive enterprises compared to SMEs.
THE VALUE OF OUTPUT AND VALUE ADDED
The role of SMEs in Indonesia in the form of contributions sufficient output besar.Kontribusi UK GDP growth to GDP smaller than its contribution to employment / ZERO ratio indicates that the level of productivity in the UK is lower than at UM and in UB .The level of productivity measured in terms of L and K (PP / from TFP: productivity of the factors of production total.Pasar served different markets UK.Pasar UM UM serves many middle to upper income people with income elasticities UK positif.Pasa served more groups of low-income buyers with elasticity negative revenue.
Of the BPS (Statistics Indonesia 2001) on NO and NT from the UK in the manufacturing sector by industry group (code 31 s / d 39), there are some interesting things. First, NO or NT varies by sub-sector, and the most (as also indicated by data from other sources), namely food and beverages, and tobacco (31), and textile products (TPT), and leather and its products (32), and wood and its products (33), which gives an impression that the IK and IMI are generally superior in all three sub-sectors were compared in other subsectors. Second, in some industry groups such as 31 and 33, NO or NT IMI greater than IK.
While the results SUSI (2000) presents data on the gross product value (NO), the cost of, and wages and salaries of unincorporated businesses. Of the difference between NO and costs between, can obtain an idea of the magnitude of the NT that was created by the business groups. Trade, retail, and restaurant and accommodation services is a sector in which the business is not incorporated to produce NO at most; followed by manufacturing. This last sector, NO IMI slightly smaller than NO created by Ik. In SUSI 2000, NO and its calculation of the NT-business is not incorporated also in jaabarkan by region.
In addition to its contribution to the growth of employment and as an important source of income, SMEs in Indonesia is also highly desirable because it has great potential as a source of important developments (diversification) and the growth of X, X especially manufacturing. Indonesian SMEs ability to realize its potential X is determined by a combination of a number of factors relative advantages possessed Indonesian SMEs over their competitors, both from within and outside the country.
In the context of economics / international trade, the sense of relative superiority can be approached with a comparative advantage. excellence komporatif owned Uk Indonesia, especially its labor-intensive (and Indonesia has a number of L is large), the skills "Traditional" owned small businesses (and workers) to build an all products, especially handicraft items (which are the skills people already owned old from generation to generation), and abundant raw materials (especially agricultural-based products). Unfortunately Uk in Indonesia is still relatively weak, especially in human resources management in the appeal, marketing, modern production processes, or more advanced (beyond the traditional manufacturing), innovation and mastery of technology.
EXPORT
Export trade is by way of removing the goods from inside to outside a country's customs territory to other countries by fulfilling conditions apply. It should be noted that the subject matter/owned by the exporter: (Anton Yudi Setiano, 2008) .
a. Exporters have a business license to trade both individuals and agency inform
b. The exporter is obliged to know the banned goods exported by the Government or Government permission must be
c. Exporters should be aware of the export of goods to a country that is prohibited by the Government
Export-oriented SMES, according to (Tambunan, 2003) are classified into two, namely Manufacturers Exporters Directly (Direct Exporter) and Indirect Exporters (Indirect Exporter).
a. Direct Exporters Manufacturers SMES SMES which are generating export products and sell them directly to the foreign buyer (buyer) or the importer
b. SME Exporters SMES that are not directly produce exports, export activities that do not directly with the buyer/importer, but by agents of the export trade or domestic exporters
The number of SME'S Export Manufacturers only 0.19 percent of total SMEs in Indonesia. As for other SMES 99.81 percent exports indirectly and/or just do the sales in the domestic market. SME Manufacturers Export group, the number of SMES that do export itself is only 8.7 percent, while other SME 91.3 percent export activities carried out by the importer. If the date of the value of the share of exports, the share of export value of SME Exporters Indirectly totalling 99.02 percent, while the share of exports of SME Manufacturers Exporters of 0.98 percent. However, the rate of gain obtained larger Exporters Manufacturers SMES compared to SME Exporters indirectly. Small business (UK) who had a major role in exports is the UK that rely on the skill of the hands (hand made), jewelry and crafts such as woodcarving.
Characteristics are the hallmarks of the UK, where more rely on the skills of the hand, so it tends to be labor intensive. Large scale efforts (UB) which tends to be capital-intensive, surely it will be difficult to get into the business world. On the other hand, this gives you an idea of the importance of labor absorption in the UK, particularly at a time of economic crisis. The main export destination country UK in General, but if Singapore is traced according to commodities, export destination country is relatively diverse. The high value of exports to Singapore gives an overview there is still the potential for increased value added or economic rent UK against the exported product, if the exporting country can directly to consumers. This is because Singapore is "transit export", meaning that the UK products exported to Singapore will be exported to other countries. Despite barely changing the orientation of the export destination countries, but the share of exports to each country of destination between the time tends to fluctuating.
Characteristics are the hallmarks of the UK, where more rely on the skills of the hand, so it tends to be labor intensive. Large scale efforts (UB) which tends to be capital-intensive, surely it will be difficult to get into the business world. On the other hand, this gives you an idea of the importance of labor absorption in the UK, particularly at a time of economic crisis. The main export destination country UK in General, but if Singapore is traced according to commodities, export destination country is relatively diverse. The high value of exports to Singapore gives an overview there is still the potential for increased value added or economic rent UK against the exported product, if the exporting country can directly to consumers. This is because Singapore is "transit export", meaning that the UK products exported to Singapore will be exported to other countries. Despite barely changing the orientation of the export destination countries, but the share of exports to each country of destination between the time tends to fluctuating.
There are two factors affecting export-oriented SMES cannot export directly, i.e. export trading and financing problems problem.
a. Export trading problem occurs due to the high risk of export activities (both the risk of payment or delivery of the goods), there is a time lag (time lag) in payments, and the high cost of exports.
b. Financingproblem occur due to limited capital owned SMEs and finance and guarantee institution problem, namely the lack of support the export guarantee and financing institutions towards SMES. The condition menngakibatkan marketing strategies SMES tend to wait for the buyer, so that the mechanism of trade that occurs generally is a buyer's market.
In this case it is the export of the resulting product for small and medium businesses.
As for some of the obstacles of SME export among others:
1. A trade globalisation demands the increasing response of businessmen to changes of the market and the behavior of kondumen in particular. The speed of change in the market demand and consumer tastes, demanding products offered must be innovative, diverse and product cycle became relatively shorter. The ability to access global markets, product innovation or even mengadop mengkreasi product innovation which suits the needs of the market, is a row of weakness owned SMES in general
2. In general, SME in producing goods/services only concentrated on a number of products/services that have traditionally been handled certain business groups and on market only. Therefore less encouraging diversification SME good product/service design, shape or function of the product produced. Low level of diversification of SMEs, SMES only give the impression that specializes in traditional product/service that has comparative advantages such as apparel and other textile products, leather goods finished goods such as footwear, and out of wood, including furniture and handicraft items
3. The low accessibility to productive resources, especially with regard to financing, information, promotion, technology, and business networking products export.
PROSPECT FOR SMALL AND MEDIUM UNIT IN THE ERA OF FREE TRADE AND GLOBALIZATION OF THE WORLD
1. Prospect for Small and Medium Unit in The Era of Free
Small and medium enterprises have been proven to be able to live and thrive in crisis storm for more than six years, its existence has been able to contribute to GDP by almost 60%, employment of 88.7% of the workforce in Indonesia and the contribution of SMES to export in 1997 amounted to 7.5% (BPS 2000). In the era of free trade and regional autonomy, the development of SMES is directed at: (1). The development of a conducive business environment for SMES; (2). Development financial institutions that can provide access to capital resources that is transparent and cheaper; (3). Provide business development services to SMES nonfinancial more effective; and (4). The formation of strategic alliances between SMES and other SMES or large enterprises in Indonesia or abroad. Develop or demise of small and medium businesses in free trade depends on the ability to compete and increase efficiency and establish business networks with other institutions.
The economic crisis is now over six years old. However, signs of recovery are expected presumably still running very slow and sluggish pace, although the exchange rate is getting stronger and the national socio-political condition is getting better. Slow economic recovery is demonstrated, among others, from the still low level of national economic growth, high unemployment and poverty as well as "stagnant" development of large-scale business activities of both FDI and domestic investment. In detail, the figures the development of macro-economic indicators are not promising we can see in the report is issued, either by the Central Bureau of Statistics as well as in the literature of economics other woods (eg, Prema Chandra Athukorola, Bulletin Of Indonesian Economic Studies, August 2002; the Central Bureau statistics, 2002 and 2003). Engine for economic recovery is still very dependent on the amount of consumption levels alone, and less driven by portfolio investment and export activities.
Amid the economic recovery is still slow, the national economy is also haunted with national ambitions to regional autonomy and decentralization. In addition, the national commitment to implement multilateral free trade (WTO), regional (AFTA), APEC informal cooperation, and even ASEAN Economic Community (AEC) by 2020 is an extra chore that must also be taken seriously. In terms of local autonomy and decentralization, various problems still chaotic. This happens because on one hand, there are certain parties who remain eager to make local autonomy and decentralization in accordance with Law no. 22/1999 and Law no. 25/1999, while on the other hand many are demanding revision of the second pedestal these laws. Tug of war is further cause for uncertainty, so many areas set many new regulations, especially with regard to local taxes, licenses and other levies. It is estimated that more than 1,000 regulations relating to taxes and other levies have been issued since the enactment of the areas of decentralization (Jakarta Post, May 6, 2002). These regulations have resulted in a heavy burden for the implementation of business activity in the area (Firdausy, 2002; Elias Saad, 2002).
Under no circumstances and economic conditions are not conducive, the development activities of small and medium enterprises (hereinafter SMES) is regarded as an important alternative capable of reducing the burden faced by the national and regional economy. Economic arguments behind it that because SMES are the dominant business activity of this nation. Besides the development of SMES activities relative does not require capital large and in a period of crisis for SMES relatively Utahan slam ", especially SMES related to agricultural activities. The depreciation of the rupiah against the US dollar has led SMES in the agricultural sector can make profits relatively large. Conversely, SMES are dependent on imported inputs crash with the depreciation of the rupiah's volatility.
The aim of this brief article discusses the prospects for the SMES business in the era of free trade and regional autonomy. To discuss this topic, the following will describe the potential and contribution of SMEs to the national economy as a background analysis. Then, discussed what efforts should be made in the development of SMES, especially in the area in the face of free trade and regional autonomy.
2. Prospect for Small and Medium Unit Globalization of The World
For each of the business units of all sizes and in all sectors of the economy, the era of free trade and globalization of the world economy on the one hand will create a lot of opportunities. On the other hand also creates many challenges faced when they can not properly be incarnated as ancaman.bentuk opportunities and challenges that will arise will necessarily be different according to the different types of economic activity. Globalization of the world economy also increases the uncertainty mainly due to higher capital mobilization, human and production resources more and more integrated activities of production, investment, and finance among nations, among others, could cause disturbances economic sector in the region due to the direct effect of the economic instability in the region other.
· The Nature of Existence SMES
Small businesses units in Indonesia is dominated by business units traditionally, that one side can be built and operated only by working capital and capital investment is small and without the need to implement a system of organization and management of modern complex and expensive, as diusaha-modern business and on the other side Distinct to medium sized enterprises, small businesses generally make barng simple consumer goods for the needs of low-income communities. The implications of this nature is different with medium and large businesses, small businesses actually not too dependent on government facilities.
· The Ability of SMEs
In the era of free trade and globalization of the world economy, advances in technology, the mastery of science and high-quality human resources are the three factors of competitive advantage that will become dominant in the good or the prospects of a business.
BAB II
EXAMPLES OF CASES AND ANALYSIS
Effective small and medium units to Tackle Unemployment
SMES Effectively Tackle Unemployment Deputy Minister for Human Resources Development, the Ministry of Cooperatives and Small and Medium Enterprises, Agus Muharram states SMES proven to effectively combat unemployment. "In addition, the micro, small, and medium enterprises (SMES) was also shown to effectively address the problem poverty and job creation, "he said when opening the Technical Skills Training and Vocational Aquaculture catfish in Cisarua, Bogor, West Java, Wednesday. Exercise until March 19, 2011 was held in cooperation with the Foundation for Community Empowerment Development Indonesia (YP2MI) .He suggests, SMES constitute the largest business unit in Indonesia which mencapai52,76 million, employs more than 91.8 million people. "Or more than 97.3 percent of the workforce Indonesia is the contribution," said. And other, he said, SMEs are also able to contribute significantly to the formation of domestic product (GDP) is 55.6 percent or worth more than Rp42,8 trillion . "the contribution of SMES to the total national value of non-oil exports reached 20.15 percent or Rp42,8 trillion," said. Advanced that the performance of UKM provide enough evidence that the tidal economic situation, SMEs are still able to contribute to foreign exchange in the country. "SMES have also been tested as a business group that has the responsiveness, flexibility, and a remarkable adaptation to changes in the market, "Muharram said. Agus suggests, open mindset to want to entrepreneurship is a strategic business that can generate and create something of value or benefit to the community." thus, in fact an entrepreneur is an innovator or reformer, both for the socio-economic environment as well as for himself, "said. In this regard, he said, the rise of entrepreneurship is in attitude and initiative or initiative, as an effort to move the process of economic change" mindset "resources in order to achieve productivity adapted to the capacity of each source daya. He say, training for community groups considering the strategic value of Indonesia's population is a great potential." Although it still has limitations in control of the national economy, it would be food for thought to develop a cadre of entrepreneurs in all sectors of the economy,"said. While, Chairman of the Indonesian Community Empowerment Development Foundation (YP2MI) Ir Muhammad M Banapon, MSI said the purpose of the activity is to provide an understanding of pro-people program of the government, the problem of poverty i.e. countermeasures. Participants is small entrepreneurs, SMEs, from Bogor regency as many as 30 people. the resource person is from the Ministry of Cooperatives and UKM, the Ministry of Fisheries Marine and, Deputy coordinating Minister for coordination of poverty reduction, Senior Manager of CSR PT Antam, PMD Director General of the Ministry of Interior, as well as IPB fisheries experts.2010, UKM sector predicted Tumbuh25% JAKARTA - the Indonesian Chamber of Commerce and Industry (Kadin) Indonesia estimates, micro, small, and medium enterprises (UKM) will grow by around 25% in 2010 compared to the 2009 forecast range of 15-20%. Vice Chairman of Kadin UKM and cooperatives Sandiaga S Uno said, it would be achieved if the microfinance platform that was wrought in Kadin roadmap can be realized. "I'm optimistic, the platform will be realized. Thus, the growth of UKM will be engaged at the level of 25-30% from year to year. in addition, the financing in favor of micro business sector will also encourage the empowerment that directs the business unit grade. there main value, "said Uno in Jakarta, Saturday (8/8) .On the other hand, he said, about 99% of Indonesian UKM unit has not been touched by financial institutions. It was, he said, because they are considered not bankable because they do not have collateral or guarantee assets "Currently, there are about 51 million SMEs, ie up to 99% are micro business unit," said Sandiaga. Menurut him, today, supported by finance institutions only about 2 million UKM dominated the food business as well as services and trade, it was melaluikredit (KUR) and they belong to the small-medium business unit. Selamaini, micro-units, especially in agriculture and business units at the grassroots level, relying on loan sharks with mencekik.Untuk interest, he added. Kadin financing schemes set micronnanceunhik micro business, small, and medium enterprises (UKM) in Indonesia. The microfinance platform he said, an important pillar in the roadmap Chamber of Commerce in order to empower UKM and cooperatives in Indonesia. Rencanaya, the roadmap will be completed in October 2009 and handed over to the cabinet pe-new merintahan. Uno sure, proposed in the roadmap would be accepted and implemented by the government mendatang.Keyakinan it, he said, because it was with representatives of the Ministry of Cooperatives and UKM also recently made a working visit to Bangladesh on August 6, 2009. "During the visit by the founder kamiditantang Grameen Bank, Professor M. Yunus, to develop microfinance seriously in the country. According to M Yunus, credit is a fundamental right of every human being, including the poor. He strongly believed, microcredit is a surefire answer to the problem of poverty, "said Uno. he explained that, currently, there are no financial institutions are serious in microfinance schemes in accordance with the topography of the Indonesian population. Meanwhile, he continued, this time Kadin seriously preparing for empowerment of UKM and cooperatives by mobilizing micro credit through a network of microfinance institutions non-banking more flexible, effective, and efficient. "Microcredit is a form of joint intervention between employers, government and academia to eradicate poverty. so, it takes a loan does not require collateral or guarantee assets and are not suffocating flowers. During this time, many forms of unsecured loans but the interest was so high that can not be reached by small entrepreneurs especially micro, "said Sandiaga.Bukopin gelontorkan 60% credit for UKM Jakarta - PT Bank Bukopin Tbk (BBKP) drill-sector financing small and medium enterprises (UKM) to Rp 21.45 trillion, or 60% of total credit target company in the year 2011 which reached Rp 35.75 triliun.Hal is delivered Tri Joko Prihanto, Finance Director of Bank Bukopin, in a written statement received second Finance, Monday (14/3/2011) .He expressed its loan portfolio during the year 2010 amounting to Rp 28.6 trillion. Where this year, Bukopin targets the financing to grow 20-25% ie to Rp 35.75 trillion. "BBKP allocate approximately 60% of the total loan portfolio for business credit the Small and Medium Enterprises (UKM), wherein the portion equivalent to growth of 30% compared UKM lending in 2010 amounted to Rp 16.9 trillion,". to support financing, the company has issued a Limited Public Offering (LPO) II Rp 900 billion. A total of Rp5 60 billion or 62% of the funds PUT II is intended as a development of the SMES segment. "This target will be achieved by a strategy of partnership and increase added value to our strategic partners," said Tri Joko. Bukopin also increase the fund's income source and strengthen the fundamentals of third-party funds (DPK) with sharpening strategy in the consumer business segment. Where the strategy to fruition, by the year 2010 third party managed funds we collect to grow 30%.
ANALYSIS
SMEs i.e. useful for addressing the problem of poverty that exists and can also create jobs and vocational training with the opening. SME is also the largest units that can be reached approximately 52.67 million and employs over 57.0 million. other benefits that SMEs contribute to GDP reached 26.6 trillion. Senior Manager of CSR PT Antam, PMD Director General of the Department of the Interior, as well as Fisheries experts predicted the IPB SMEs will grow 25% in 2010 compared with many forecasts in 2009 that is 15-20%. SMEs in 2010 it can be achieved if a microfinance platform wrought in the Chamber of Commerce and industry roadmap can be realized. Thus, the growth of SMES will be involved at the level of 25-30% from year to year. financing supports the micro enterprise sector will also encourage the empowerment of the direct value of the business units. about 99% of the SME unit Indonesia untouched by financial institutions as they are considered not available bank because they do not have a warranty or guaranty assets.
In the meantime, this time the Chamber of Commerce and industry are seriously preparing for the empowerment of SMES and cooperatives with mobilizing micro-credit through microfinance institutions network non-bank more flexible, effective, and efficient. Micro-credit is a form of joint intervention between employers, Government and academia to alleviate poverty. So, it needs the loans Do not require collateral or guarantee assets and not strangle the flowers. Bukopin & 60% credit for SMES of total loans the company target of 2011 to reach Rp 119 trillion that became 21.45 trillion. MBAI allocates approximately 60% of the total loan portfolio credit for small businesses and medium-sized businesses (SMEs), where are the equivalent of a 30% growth compared to the SME lending in 2010 amounted to Rp 16.9 trillion, ". to support the financing, the company has issued a limited public offering (LPO) II Rp 900 billion. A total of 60 Rp5 billion or 62% of the funds that put II is intended as a development of the SME segment.
DAFTAR PUSTAKA