Indonesian e-Commerce unicorn Bukalapak announced its partnership with three Indonesian P2P lending platforms, Amartha, Modalku, and PohonDana to launch Modal Mitra (in English capital partners), a program designed to support small businesses with capital financing solutions. Small businesses, especially kiosks owners, who have joined as Bukalapak’s partners will be given this exclusive opportunity.
“We want to give capital access to SMEs that want to improve its business with Bukalapak. With Modal Mitra, business owners can gain access to capital to buy inventories for their small kiosks to increase in quantities and varieties. We hope that this can benefit small business owners that often face challenges in capital to purchase inventories,” said Sigit Suryawan, Associate Vice President of Financing Solution Bukalapak.
To apply for Modal Mitra, Bukalapak allows partners that have been verified and actively selling on the platform to speed up the equity application. Once approved, the funding will immediately made available in Saldo Mitra, the business owners’ Bukalapak’s wallet, separated from personal balance.
The financing offered starts from IDR1 million (US$70.32) to IDR10 million (US$703.2). The business owners can choose the length of loan payment up until six months, which can be installed weekly starting from IDR90,000 (US$6.33).
The capital financing can be spent to purchase the inventories to fill in the partners’ kiosks and virtual products offered in Bukalapak.