City News - July 11, 2007
BOGOR: At least 3,000 families from 68 subdistricts in Bogor will receive a total of Rp 1.5 billion to develop their small businesses.
The money is being distributed under the municipality's micro-financing program, called Poor Family Business Development (KUBE GAKIN).
An assistant for social and economic affairs with the local administration, Indra M. Rusli, said the program was part of the administration's efforts to alleviate poverty.
"We expect recipients to use the money to develop their small businesses .... We hope they can pay the installments on time to ensure a healthy credit," he said during the launch of the program at Bogor municipality office.
Head of the program, Sony Nasution, an official from the municipality's manpower agency, said only registered poor families who have small businesses or intend to develop a small business are eligible for the micro-credits.
This year, each family will receive Rp 500,000. The loan is to be paid back within 10 months, without interest.
"The money will be transferred to each subdistrict cooperative, which will disburse the money to the recipients," he said. -- JP
