CIMB Niaga-Genesis Offers Funds of Up to IDR 300 Billion for Start-Ups

An article written by Bisnis.com. Read the full article here.

PT Bank CIMB Niaga Tbk. collaborates with Genesis Alternative Venture (Genesis), a leading venture debt company in Southeast Asia to channel financing to Indonesian start-ups with a total commitment of IDR 300 billion.

CIMB Niaga Head of Commercial Banking Widodo Suryadi said that one of the company’s priorities is to support and assist customers and partners, including start-ups so that they can mutually maintain business continuity. Therefore, the funding commitment that has been prepared with Genesis is expected to be an alternative source of funding for potential start-up companies that have not met the criteria for conventional bank loans.

“Together with Genesis, we will continue to seek and provide financing for potential start-ups while at the same time expanding the funding ecosystem for start-up companies in Indonesia,” added Widodo.

As is known, venture debt is a form of financing that is directed to companies developing that shows great growth prospects and the need to maintain and extend its cash runway to reach the stage of growth, while reducing the dilution effect of fund-raising are done.

This financing scheme that combines the principles of conventional bank credit and ventures loan companies is the first in Indonesia.

Read the full article in Bahasa here.