Overview of LKMA institutional governance (%).

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.

低收入社区资本匮乏且难以从正规金融机构获取资金或贷款。为解决该问题，政府推出相关解决方案，其中之一便是设立农村农业企业发展项目（Rural Agribusiness Business Development，简称PUAP）。PUAP项目是面向农民小组协会（Gapoktan）的拨款资助活动，单笔资本援助金额为1亿印尼盾（IDR 100 million）。参与PUAP活动的52186个Gapoktan单元中，仅有7703个单元（占比15%）转型为农业小额信贷机构（LKMA）。本研究与现有同类文献的不同之处在于，其简要阐释了PUAP/小额信贷机构（MFI）的制度转型及其可持续性影响因素，而此类议题目前仍鲜有讨论。本研究旨在探究Gapoktan转型为包容性LKMA的具体路径，以及LKMA的可持续性水平。本研究于2022年在印度尼西亚中爪哇省肯德尔摄政区开展，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研究。LKMA的可持续性水平采用多维尺度分析（MDS）结合Rapfish应用程序进行评估。目前，将MDS与Rapfish应用程序结合用于小额信贷分析的研究仍十分有限。选用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，相对简便且高效。研究结果显示，PUAP向LKMA的转型，受到合法化建设、财务治理优化以及客户业务领域多元化能力的驱动。5家LKMA的经营可持续性等级为“合格”，指数值均超过50%。本研究提出两点建议：1）印度尼西亚政府可协助LKMA完善合法化建设；2）LKMA的管理团队应接受专家培训，以提升其储蓄成本管理的财务能力。