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The Role Of Evidence In Strengthening Your Credit Claim: Kansas Attorney’s Advice

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Strengthening formal credit access and employment through financial education and credit practices in micro, small and medium enterprises

By Maria Widyastuti Maria Widyastuti Scilit Google Scholar * , Deograsias Yoseph Yustinianus Ferdinand Deograsias Yoseph Yustinianus Ferdinand Scilit Google Scholar and Yustinus Budi Hermanto Yustinus Budi Hermanto Scilit Google Scholar

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Received: 11 November 2022 / Revised: 8 January 2023 / Accepted: 12 January 2023 / Published: 16 January 2023

The objective of this study is to test financial literacy and credit practices to determine effective financial access to determine the performance of MSMEs. This research involves the type of correlational research that involves hypothesis testing. This study was conducted on MSMEs of 324 creative industry players in four cities in East Java (Mojokerto, Pasuruan, Gresik, and Sidoarjo) with a sample size of 100 actors involved in obtaining credit using stratified random sampling method for the data. collection. The results of the Smart PLS analysis show that financial literacy and credit practices are related to access to formal credit and MSME activities; direct access to credit, which has a major impact on MSME activities. Similarly, financial literacy and credit practices affect the activities of MSMEs. These results mean that financial education and credit terms play a strategic role in explaining why access to formal credit is growing and attracting MSMEs to strengthen capital to improve their work.

Micro, small and medium enterprises (MSMEs) are an important asset for economic prosperity in Indonesia. The sector is important in encouraging economic growth and creating new jobs for the Indonesian population (Susan 2020). The contribution of MSMEs is very important, especially as a provider of employment and local income growth (Irman et al. 2021). The success of MSMEs in India can be seen in their efforts. Funding from financial institutions is much needed to improve the performance of MSMEs and government support to access additional capital (Sriary and Nyoman 2020). The role of financial institutions in the economic growth and development of economies is well known and cannot be overemphasized. Financial institutions play an important role in employment and poverty reduction through job creation and economic growth (Baidoo et al. 2020). According to data from the East Java Provincial Economic Report (LPP) by Bank Indonesia (BI), credit for micro, small, and medium enterprises (MSMEs) in East Java in the second quarter of 2021 will increase up 3.95 percent. The positive growth trend in MSME financing was supported by growth in checking credit and working capital credit for MSMEs.

The injection of COVID-19, which has been running since the beginning of this year, has increased the opinion of businessmen, which has an impact on the wide opening of profitable economic sectors and health measures in the second quarter of 2021, including MSME. sector. According to him, the share of MSME loans to total loans in East Java continued to increase, increasing by 29.42 percent in the second quarter. Meanwhile, in the first quarter, the increase was 29.03 percent. To increase the flexibility of financing for MSMEs, the government is expanding MSME financing facilities in India with the Personal Business Loan program. The Private Enterprise Act aims to regulate the capital of MSME actors, but it has not yet been fully implemented. As of November 2021, the allocation of KUR is only Rp. 34.1 trillion, with Bank Jatim targeting an increase of 5-6 percent; however, not all MSMEs have seen the distribution of KUR. Lending failure by small businesses is due to limited access to credit. According to Nkundabanyanga et al. (2014), the single factor affecting credit access by small businesses is the credit terms offered by formal credit providers. Loan terms include the loan repayment period, collateral, and interest rate. Small businesses are reluctant to take out credit if they don’t know why the loan is guaranteed. Currently, certified loan providers are preferred over borrowers who can provide guarantees.

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Technological developments and the trend of industry 4.0 will accelerate. Modern technologies have successfully influenced people’s lives, one of which is transactional payment methods (Foster et al. 2022). Credit markets play an important role in financial institutions. In developing countries, especially in emerging market countries that are in the process of industrialization, it is important to properly identify the reasons for debt obligations in order to manage economic activities (Tang and Guo 2017). As economic development progresses, the need for credit increases. Therefore, credit institutions have grown significantly in recent years (Tang and Guo 2017).

Defining the problem of access to finance is a big problem because financial services are very different, including different types of savings, payments, insurance and credit, with specific costs, risks, and output functions. (Ibenta 2021). The SME banking model adopted by banks in emerging countries differs from developing countries. Banks in emerging economies follow two types of SME banking models: “loan application and low-cost physical distribution” and “price setting and direct channel distribution”, because they must constant trade-off between operating costs. and the result (March 2018). In developing countries, a common feature of rural credit markets is the coexistence of formal and informal credit (Tang and Guo 2017).

(Ahmad and Shah 2022) defines financial literacy as “a person’s ability to understand and apply financial concepts”. Financial literacy refers to the skills and knowledge that enable individuals to make informed and productive decisions with all of their financial resources (Chileshe 2019). Financial literacy is the level of personal expertise in understanding financial concepts (Nathan et al. 2022). The financial literacy of the entrepreneur plays an important role in the relationship between the lender and the borrower (Burchi et al. 2021). The results of the 2019 Financial Services Authority (OJK) survey showed that the level of financial literacy in Indonesia is still low, reaching 38 percent. Lack of financial literacy poses many challenges, especially when it comes to managing debt, saving and borrowing, and planning for the future. Understanding financial literacy is necessary for MSMEs to avoid financial risk (Irman et al. 2021). Many researchers have studied credit access and its relationship with financial literacy (Nkundabanyanga et al. 2014). In addition, access to credit is found to be positively associated with the educational status of the household head. Undoubtedly, getting a loan from a proper financial institution requires paperwork and submission of documents, making it impossible for less educated farmers to approach banks (Kumar et al. 2021).

On the other hand, a previous study suggested that factors that significantly influence credit demand are education, group membership, and household size; Formal, quasi-formal, and informal sources of finance include knowledge and information about credit sources (Silong and Gadanakis 2020). Financial managers are encouraged to improve the efficiency and quality of financial services to serve educated people. This is because financially savvy investors encourage financial institutions to be more cost-effective and transparent (Chileshe 2019). A previous study found that low literacy rate makes MSME financing difficult for SME financing business (May 2018).

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This paper is closely related to the literature on the determinants of MSME credit access. An earlier study focused on the role of financial literacy in the performance of MSMEs (Li and Qian 2020). Our paper extends this literature by providing evidence that financial literacy and credit practices affect access to formal credit and MSME activity in Indonesia. This paper also extends the research by providing evidence to find the impact of access to formal credit on MSME performance.

With increased access to credit by MSMEs, apart from helping to stabilize the economy, credit also serves as a source of security and stability for MSMEs.

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