OCTOBER 12, 2021 – Restock.ID, an Indonesian fintech, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic. Restock.ID and ICS have entered a US$4 million credit facility to finance inventory purchases by hospitals, clinics, pharmacies, retailers, and other participants in the healthcare supply chain. This facility is part of the Indonesian Resilience Fund, managed by ICS and supported by the U.S. International Development Finance Corporation (DFC), the U.S. Agency for International Development (USAID) and the Australian Government Department of Foreign Affairs and Trade (DFAT).
Restock.ID brings strong origination capabilities by leveraging partnerships with warehousing companies that hold inventory for SMEs in the healthcare space. This enables Restock.ID to offer loans backed by inventory as collateral, particularly personal protective equipment (PPE) that is in short supply. Restock.ID leverages ICS’ embedded lending technology to underwrite inventory-backed loans. The technology enables end-to-end lending, increases disbursement speed and provides investors real-time transparency on their loan book.
“We have focused on healthcare to help Indonesia get through this pandemic. ICS’ embedded lending solution caters to our product that enables SMEs to get affordable financing through leveraging inventory as collateral,” shared Tiar Karbala, Co-founder & CEO of Restock.ID, “Starting with PPE, we hope to continue disbursing funds quickly to the broader healthcare sector.”
Recently, Indonesia has been going through a surge of COVID-19 cases, with more than 40,000 daily reported infections at its peak. The healthcare sector continues to face severe pressure with hospital occupancy above 80% in many provinces at some point, and increased demand for medical supplies and PPEs.
Women have been at the forefront of COVID-19 response, making up a majority of the frontline healthcare professionals and community health workers. Yet, women who are healthcare professionals, healthcare workers and business owners are disproportionately affected by the pandemic due to the added responsibilities as caregivers for the sick, children, and elderly family members.
“Partnering with purpose-driven fintech like Restock.ID have made it possible to deliver the needed financing to the last mile delivery of medical supplies across Indonesia,” shared Dewi Wiranti, Indonesia Country Head at ICS, “Now is the time to invest in cross-cutting enablers i.e. women-led businesses and healthcare workers, to ensure an inclusive recovery.”