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Indonesian East Java Bank prepares 500 billion rupiah to allocate loans to cattle breeding industry

Indonesian East Java Bank prepares 500 billion rupiah to allocate loans to cattle breeding industry

Indonesia ’s East Java Bank ’s micro retail economic loan director Bartono told the media on the 19th that East Java Bank has a good future for the development of the East Java ’s cattle breeding industry, so it is preparing to allocate 500 billion rupiah.

In the first quarter of this year, East Java Bank has allocated 100 billion rupiah loans to the cattle breeding industry, while last year only 30 billion rupiah loans were issued. He explained that we will set up loans through joint feeding of cattle and livestock or cooperation, and each group of feeding industry will receive a loan of 66 billion rupiah depending on its size. For 5 years.

He also said that in fact, the annual interest paid on the loan is 11% to 12%, but because the allocation of cattle and livestock industry received government subsidies, so only 5%. According to him, the beginning of the loan allocation to the cattle breeding industry was due to the slow growth of domestic cattle, which led to the Indonesian domestic market demand for beef must rely on import supply.

In addition, the dairy cattle livestock industry must also increase production, because at present Indonesia's domestic milk cannot be self-sufficient. Bartono said that at present the breeding industry groups of some cities and counties in East Java such as Bajidan, Nanmengan, Yanwang and Malang have requested loans.

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