Financing Application Process
Pariyem is a cake producer based in Potorono Banguntapan Bantul, Yogyakarta. Every day producing cakes starts at 02.00 in the morning and the next day she brought it to the traditional market. The income from his business is only enough to cover her daily needs. Along with the increasing need for children’s education costs, Pariyem is determined to expand her business. Limited capital becomes the main obstacle. Her enthusiasm to continue to develop, yielded results by obtaining information on financing opportunities from Sharia Cooperatives.
A good understanding of financing makes it even more solid to develop a business by applying for financing through one of KUBI’s partners, namely the Sharia Cooperative BMT Bina Ihsanul Fikri. What makes it even more stable is because partners are required to become members of the Sharia Cooperative. This membership is proof of capital ownership, so that the partners will get greater benefits than when borrowing from banks. The choice of membership in a Sharia Cooperative is in line with the partner’s religious beliefs as well as being reassuring because it can be a source of blessings.
The microfinance process is not very complicated. After all membership administration is fulfilled, then submission of financing can be made. Members only need to fill in the form of financing request provided by the Sharia Cooperative. After the submission documents are complete, such as a copy of the KTP, copy of proof of guarantee, the signature of the husband and wife, then the Sharia Cooperative officer will make a business visit. The visit is to assess the feasibility of the business and build partner commitment and responsibility. Various business documentations, results of operations, production, sales and light financial records were all confirmed by the Koperasi Syariah officer.
Realization of Financing
The results of the field visit will determine the amount of the financing ceiling that will be given as well as the financing agreement and the amount of the margin or profit sharing. The results of the analysis from the management of the Sharia Cooperative are submitted to partners for input and financing negotiations. After an agreement is made, the Sharia Cooperative will issue a Financing Approval.
The financing agreement becomes the basis for the issuance of the financing contract and the signing of the contract is carried out at the member’s house. The process is carried out to provide convenience services to members. The procession of the contract begins by providing a detailed explanation of the contents of the contract or agreement and once it is understood, the Sharia Cooperative officer leads a prayer together. Prayer is very important because it can increase motivation, responsibility and strengthen mutual commitment. After that, the disbursement of funds is carried out in cash or it can also be entered into a member’s savings account.
Micro businesses really need business assistance because in general they have limited management and finance. The UAD KUBI together with the Sharia Cooperative provides assistance in at least two important things, namely marketing and financial management. Marketing management assistance is carried out by training on production quality, increasing branding, packaging, to facilitation of the online / online market. All of that is received by partners free of charge. Furthermore, financial assistance is provided by facilitating micro savings, micro financing insurance and counseling on simple financial management. During a pandemic, training and mentoring is mostly done online.