Today, the Manulife Care Foundation (YMP), as the embodiment of Manulife Indonesia’s corporate social responsibility, will sign a Memoranda of Understanding with PT Bina Insan Sejahtera Mandiri (BISMA) to support a micro financing program for Small and Medium Enterprises (SME) in Nanggroe Aceh Darussalam, one of the Indonesian provinces affected by the tsunami in 2004.
“With this program, Manulife Indonesia will be helping boost business sustainability among the SME community which is in need of additional working capital. This program is in line with our commitment towards directly engaging in the community to offer support local businesses and people.” said David Beynon, President Director of Manulife Indonesia.
The Manulife Care Foundation’s support in this micro financing program is worth IDR 1 million,which will be spread over 3 years. The program is accessible by the entrepreneurs from SMEs through several financial institutions, which are committed towards developing a viable and sustainable micro community. The initial phase of program aims to help over 250 SMEs.
The program is designed to develop a fully sustainable micro financing community that sees the initial loans being paid back by the SMEs at a nominal interest rate, so that the money can then be lent out again to other small businesses. The aim is that, over time, this micro financing community will be self funded and self sustained and will no longer need to rely on donations. “Amidst this current economic environment, several SME entrepreneurs are having difficulty in obtaining working capital funding via formal financial institutions. Unlike traditional businesses,SME entrepreneurs do not have the collateral to provide guarantees for these loans. By providing these entrepreneurs with the necessary capital, this program has the potential to help boost the local economy.” added Adi Purnomo, Vice President Director of Manulife Indonesia, and also Board of Trustee of YMP.
This is the second time that the Manulife Care Foundation has provided help to communities in need of working capital through this program. In 2005, the Foundation also cooperated with the Private Enterprise Participation (PEP) & the Indonesian Women’s Business Association (IWAPI) to give micro credit loans to women entrepreneurs in regions affected by the tsunami in Nanggroe Aceh Darussalam.
This micro financing program is the initiative of the Manulife Care Foundation, CARE Indonesia and BISMA to directly help the community in Aceh. BISMA is a leading micro financing facilitator in Indonesia that has been involved in financial projects in West Java, Banten and Nanggroe Aceh Darussalam province since 2002. BISMA is under technical guidance from CARE Indonesia, a part of CARE International; one of the biggest independent humanitarian organization in the world which focuses on helping poor communities. To date, CARE International has facilitated humanitarian programs that help over 55 million people in 60 countries worldwide.
About Manulife Care Foundation
Manulife Care Foundation (MCF) was founded in 1998 as the embodiment of PT Asuransi Jiwa Manulife Indonesia’s corporate social responsibility. It has three main areas of focus such as: education, health and social activities. This foundation also provides natural disaster relief with hundreds of volunteers (both Manulife Agents and Employees) ready to be dispatched for various social activities, such as: renovation of Manulife Schools, blood donation, fund raising, and more. Since its establishment, Manulife Care Foundation has annually run programs to support elementary schools in several regions after the natural disaster. It now has five Manulife schools, in Aceh, Yogyakarta as well as Sukabumi. Manulife supported not only the renovation of school buildings but also provided educational facilities such as: books, school bags and desks.
About Manulife Financial in Indonesia
Manulife Indonesia offers the most comprehensive products and services in the Indonesian financial services industry through Life Insurance, Employee Benefits and Mutual Fund products. Headquartered in Jakarta, Manulife Indonesia operates through a network of over 120 sales operations in more than 20 cities throughout the country, supported by over 5,000 employees and full-time professional agents who serve well over 1 million customers.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$ 405 billion (US$ 330 billion) as at Dec 31, 2008. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
“With this program, Manulife Indonesia will be helping boost business sustainability among the SME community which is in need of additional working capital. This program is in line with our commitment towards directly engaging in the community to offer support local businesses and people.” said David Beynon, President Director of Manulife Indonesia.
The Manulife Care Foundation’s support in this micro financing program is worth IDR 1 million,which will be spread over 3 years. The program is accessible by the entrepreneurs from SMEs through several financial institutions, which are committed towards developing a viable and sustainable micro community. The initial phase of program aims to help over 250 SMEs.
The program is designed to develop a fully sustainable micro financing community that sees the initial loans being paid back by the SMEs at a nominal interest rate, so that the money can then be lent out again to other small businesses. The aim is that, over time, this micro financing community will be self funded and self sustained and will no longer need to rely on donations. “Amidst this current economic environment, several SME entrepreneurs are having difficulty in obtaining working capital funding via formal financial institutions. Unlike traditional businesses,SME entrepreneurs do not have the collateral to provide guarantees for these loans. By providing these entrepreneurs with the necessary capital, this program has the potential to help boost the local economy.” added Adi Purnomo, Vice President Director of Manulife Indonesia, and also Board of Trustee of YMP.
This is the second time that the Manulife Care Foundation has provided help to communities in need of working capital through this program. In 2005, the Foundation also cooperated with the Private Enterprise Participation (PEP) & the Indonesian Women’s Business Association (IWAPI) to give micro credit loans to women entrepreneurs in regions affected by the tsunami in Nanggroe Aceh Darussalam.
This micro financing program is the initiative of the Manulife Care Foundation, CARE Indonesia and BISMA to directly help the community in Aceh. BISMA is a leading micro financing facilitator in Indonesia that has been involved in financial projects in West Java, Banten and Nanggroe Aceh Darussalam province since 2002. BISMA is under technical guidance from CARE Indonesia, a part of CARE International; one of the biggest independent humanitarian organization in the world which focuses on helping poor communities. To date, CARE International has facilitated humanitarian programs that help over 55 million people in 60 countries worldwide.
About Manulife Care Foundation
Manulife Care Foundation (MCF) was founded in 1998 as the embodiment of PT Asuransi Jiwa Manulife Indonesia’s corporate social responsibility. It has three main areas of focus such as: education, health and social activities. This foundation also provides natural disaster relief with hundreds of volunteers (both Manulife Agents and Employees) ready to be dispatched for various social activities, such as: renovation of Manulife Schools, blood donation, fund raising, and more. Since its establishment, Manulife Care Foundation has annually run programs to support elementary schools in several regions after the natural disaster. It now has five Manulife schools, in Aceh, Yogyakarta as well as Sukabumi. Manulife supported not only the renovation of school buildings but also provided educational facilities such as: books, school bags and desks.
About Manulife Financial in Indonesia
Manulife Indonesia offers the most comprehensive products and services in the Indonesian financial services industry through Life Insurance, Employee Benefits and Mutual Fund products. Headquartered in Jakarta, Manulife Indonesia operates through a network of over 120 sales operations in more than 20 cities throughout the country, supported by over 5,000 employees and full-time professional agents who serve well over 1 million customers.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$ 405 billion (US$ 330 billion) as at Dec 31, 2008. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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