PT Jamkrindo celebrated its 51st anniversary on July 1, 2021. After more than half a century in the credit guarantee business, the company reaffirmed its commitment to supporting the growth of micro, small, and medium enterprises (MSMEs) and cooperatives.
This commitment was emphasized by Jamkrindo President Director Putrama W. Setyawan during the company’s 50th anniversary celebration in Jakarta on Thursday (7/1/2021). The event was held in a modest hybrid format, strictly adhering to health protocols.
"As Jamkrindo enters its second half-century, following a successful 50-year milestone marked by solid business performance, we remain dedicated to advancing MSMEs and cooperatives, which serve as the backbone of the national economy," said Putrama.
Since 2020, as part of the Indonesia Financial Group (IFG) holding, Jamkrindo has been tasked by the government with guaranteeing working capital loans (KMK) to support the National Economic Recovery (PEN) program. As of June 29, 2021, the company had guaranteed KMK loans under the PEN program worth IDR 17.3 trillion, benefiting a total of 1.054 million debtors.
Prior to this, Jamkrindo had also been entrusted with guaranteeing People's Business Credit (KUR) loans. From 2007 to April 2021, its total guaranteed KUR volume reached IDR 453.7 trillion. In the 2021 calendar year alone, as of April, the guarantee volume stood at IDR 40.6 trillion—up 43% from IDR 28.4 trillion in the same period in 2020.
Putrama highlighted that evolving economic dynamics require Jamkrindo to uphold prudent risk management and strong corporate governance based on three strategic approaches: product rationalization, cost efficiency, and superior services. The company has also implemented a "Three Lines of Defense" system. The first pillar consists of technical work units, the second is the Risk Management and MSME Division, and the third is the Internal Audit Unit (SPI), all working together to strengthen the company’s risk management framework.
"In addition to focusing on program-based business, Jamkrindo continues to expand its presence in the broader market and engage with communities through various social initiatives," Putrama added.
As part of its 51st-anniversary celebrations, Jamkrindo provided various forms of assistance to communities and MSMEs, including food aid packages, healthcare kits, scholarships for high-achieving students, support for honorary teachers, laptops, aid for people with disabilities, as well as ambulances and mobile health units. Additionally, the company hosted workshops and coaching clinics for MSMEs, along with media gatherings and journalism competitions.
Internally, Jamkrindo organized several employee engagement initiatives, including an innovation and lesson-learned podcast competition, as well as a branch management action plan contest focused on business development and credit guarantee processes. These initiatives aimed to cultivate a workforce skilled in analyzing MSME behavior and data analytics. Other activities included virtual chess and mobile gaming tournaments, as well as a music cover competition.
Jamkrindo's origins can be traced back to the cooperative sector, which historically lagged behind state-owned enterprises (SOEs) and private firms. Recognizing this, the government established the Cooperative Credit Guarantee Institution (LJKK) in 1970, which later evolved into the Cooperative Financial Development Agency (Perum PKK).
Over time, the agency’s role expanded beyond cooperatives to include MSMEs, leading to its rebranding as the Business Development Agency (Perum SPU). In May 2008, it was officially renamed Perum Jamkrindo, reflecting a shift in its business model from direct lending to a sole focus on credit guarantees for MSMEs and cooperatives.
In 2020, Jamkrindo underwent two major transformations: from Perum Jamkrindo to PT Jamkrindo (Persero), and subsequently into PT Jamkrindo under the IFG holding structure, led by PT Bahana Pembinaan Usaha Indonesia (Persero). These changes reinforced the company's strategic position within Indonesia’s financial ecosystem.