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Low-income communities have limited capital and access to money or loans from formal financial institutions. To solve the problems, the government provides solutions, one of them is by forming a microfinance program, namely Rural Agribusiness Business Development (PUAP). PUAP program is one of the grant activities to farmer group association (Gapoktan) with a total capital assistance of IDR 100 million. The problem with the 52,186 Gapoktan units that participated in PUAP activities, only 7,703 units (15%) were transformed into Agribusiness Microfinance Institutions (LKMA). This paper differs from others as it briefly explains the PUAP/MFI’s institutional transformation and the factors that affect its sustainability, which is so far still limited discussed. The paper aims to see what transformations Gapoktan becomes an inclusive LKMA and the level of sustainability of the LKMA. The research was conducted in Kendal Regency, Central Java- Indonesia, in 2022 on 5 LKMA. The process of transforming LKMA into an inclusive financial institution is analyzed descriptively. LKMA sustainability levels were analyzed using a multidimensional scaling (MDS) approach with the Rapfish application. So far, MDS with the Rapfish application is still very limited for microfinance analysis. MDS analysis is employed because it is relatively simple and effective for looking at sensitive attributes in improving sustainability and generating leverage attributes that can be used for policy-making. The result study shows that the transformation of PUAP into LKMA is driven by the ability to improve legality, financial governance and diversify the customer’s business field. The five LKMAs have a sustainability status of ’sufficient’ in running their business, with an index value of more than 50%. The study recommends 1) the Indonesian government could assist LKMA in improving its legality and 2) LKMA’s management should get training by experts to improve its financial capability to manage the cost saving.低收入社区资本储备有限，难以从正规金融机构获取资金或贷款。为破解这一难题，政府推出了多项解决方案，其中一项为乡村农业综合企业发展项目（Rural Agribusiness Business Development，简称PUAP）。PUAP项目属于面向农民群体协会（Farmer Group Association，简称Gapoktan）的资助类活动，总资助资金为1亿印尼盾（IDR 100 million）。在参与PUAP项目的52186个农民群体协会中，仅有7703个（占比15%）成功转型为农业微型金融机构（Agribusiness Microfinance Institutions，简称LKMA）。本研究与现有相关研究的差异在于，其简要阐述了PUAP/微型金融机构（Microfinance Institutions，简称MFI）的制度转型路径及其可持续性影响因素——这一主题目前的学术探讨仍较为匮乏。本研究旨在探究农民群体协会转型为包容性农业微型金融机构的实现路径，以及该类机构的可持续性水平。研究于2022年在印度尼西亚中爪哇省肯德尔县开展，共纳入5家LKMA作为研究对象。LKMA向包容性金融机构的转型过程采用描述性分析方法进行探究；针对LKMA的可持续性水平，本研究采用多维尺度分析（Multidimensional Scaling，简称MDS）结合Rapfish应用程序开展分析。目前，将MDS与Rapfish应用程序结合用于微型金融分析的案例仍十分有限，选择MDS分析方法的原因在于，其在识别影响可持续性提升的敏感属性，以及生成可用于政策制定的杠杆属性方面，兼具操作简便性与有效性。研究结果显示，PUAP向LKMA的转型，核心驱动力在于机构能够完善合法性建设、优化财务治理体系，并拓展客户的业务领域。本次研究涉及的5家LKMA，其业务经营可持续性等级为“一般”，可持续性指数值超过50%。本研究提出两点政策建议：其一，印度尼西亚政府可协助LKMA完善其合法性建设；其二，LKMA的管理团队应接受专家专项培训，以提升其储蓄成本管理的财务能力。