Heaptalk, Jakarta — Founded in Singapore in 2017, digital loan marketplace Lendingpot expanded its services in Indonesia to facilitate funding for businesses and SMEs.
This platform allows small business owners to connect with financial institutions that are able to fund them. “We are committed to continuing to educate and facilitate access to funding. That is why Lendingpot positions itself as a one-stop lending platform,” stated Business Head of Lendingpot Benjamin Lam in Jakarta (10/24).
Benjamin claimed that the system that Lendingpot uses can provide transparency for users since they can see the differences in every loan offer they receive. This will certainly help their decision-making process.
In the Indonesian economy, businesses and SMEs play an essential role by contributing 60.3% of the national gross domestic product (GDP) in 2022. However, they face several main obstacles, one of which is limited access to funding. According to a Price Waterhouse Coopers (PWC) study, around 74% of businesses and SMEs do not have access to funding.
Not only that, when business actors try to access multiple sources of funding, they are often confused about which financial institution to choose as there are more than 150 financial institutions that provide loans in Indonesia, ranging from traditional banks to multi-finance companies.
For this reason, business actors must consider several factors before choosing the appropriate lender. Additionally, if they want to apply to more than one lending institution, they have to go through a long procedure and fill out many forms. Thus, business actors have to go through a tiring and time-consuming process to access the many funding options.
Simplifying the process and providing access to multiple funding options
Seeing this situation, Lendingpot is present in Indonesia to facilitate the lending process for businesses and SMEs. “The current process is not ideal for SMEs as it takes too long and makes them reluctant to look for alternative funding. To overcome this situation, we built a centralized lending platform that simplifies the process and provides the best access to multiple alternative lenders with only one application,” said the Head of Commercial Development at Lendingpot Jonathan Surya.
To access loans, applicants only need to complete one application, then Lendingpot will distribute the application to loan networks that have been approved by the Financial Services Authority (OJK) throughout Indonesia. Apart from simplifying the process, this system also provides multiple options for loan applicants by connecting them to potential funders.
Lendingpot has been approved by the Ministry of Communication and Informatics of the Republic of Indonesia and adopts international standards in data protection. Through its services, the platform is committed to democratizing and facilitating access funding options in Indonesia by increasing transparency and speed of the loan funding process for businesses and SMEs. (Translated by Sinta)
