The Effectiveness of Utilizing Business Capital Loans by Micro and
Small Entrepreneurs
Riane Johnly Pio and Danny David Samuel Mukuan
Business Administration Study Programme, Sam Ratulangi University, North Sulawesi, Indonesia
Keywords: Micro and Small Enterprise, Tagline, Customer Satisfaction
Abstract: This study aims to determine the effectiveness of the use of loans and the impact on improving the welfare of
micro and small enterprises as well as their perceptions of the pawnshop tagline. The population was all micro
and small entrepreneurs who became the pawnshop customers in North Sulawesi Province. A sample of 182
micro and small entrepreneurs was proportionally distributed in 4 cities and five districts. The data collection
process was carried out through interviews and questionnaires, and secondary data was collected through
various parties related to the object and subject of the study. The analysis was done by using a non-parametric
statistic technique. The results showed that the use of funds as a business capital for micro and small
enterprises was quite effective in developing the businesses, increasing income and welfare. The company
tagline had been implemented in business operations and services to customers. It had also been internalized
to customers, and still had the relevance to business conditions in the digital era. Customers experienced a
high level of satisfaction with the services offered. The company needs to improve services following the
latest business conditions so that corporate sustainability can be maintained.
1 INTRODUCTION
Economic fluctuation is such a necessity in people’s
lives. The ups and downs in life are inevitable and
experienced by all humans, both individually and
collectively. This phenomenon is commonly called an
economic conjuncture, or a trade and business cycle
(Djojohadikusumo, 1991). The economy as a whole
always grows or shrinks at a specific value which
usually changes from one quarter to the next
(Gorman, 2009). In people’s lives, economic ups and
downs become a problem that is quite difficult to
solve.
From a macro aspect perspective,
entrepreneurship is one of the factors contributing to
economic growth. Researches show that there is a
relationship between the role of a new business or
entrepreneurship and the community and the business
world (Harris et al., 2009). In reality, the
entrepreneurial activities of the community begin
with small and medium-sized enterprises (SMEs).
They have been the main engines of employment and
output growth over the past two decades in many
countries (UNINDO, 2004). The SMEs were found
contributing 79.27% in the socio-economic
improvement of the people of Jimma city in Ethiopia
(Gileta, 2013). SMEs contribute to the economic
development and structure of a country (Hussain &
Matlay, 2007). Even in developing countries, the
existence of SMEs makes a significant contribution to
innovation, employment, and gross domestic product
(GDP) (Carree & Klomp, 1996).
Capital often becomes a constraint in developing
SMEs. The most common finding in researches on
SMEs during the past half-century is the obstacle of
getting capital from external parties (Hussain et al.,
2018). Indonesia has the same constraint where the
financing aspect is still a requirement for obtaining
bank loans for SMEs. Therefore, there is an opinion
saying that “despite the important role of SMEs on
the economy, most of them face capital constraints”
(Anggraeni et al., 2013).
Based on the conditions explained above, the
existence of pawnshop or an institution serving
monopoly on fiduciary service becomes a fairly
realistic answer for individuals and SMEs who need
money and capital for personal or business purposes.
PT. Pegadaian, established on April 1
st
, 1901, has
become such ‘the god of helpers’ for those who need
funds because by only having valuable personal
belongings, they can quickly get money following the
estimated value of the mortgaged goods.
Johnly Pio, R. and David Samuel Mukuan, D.
The Effectiveness of Utilizing Business Capital Loans by Micro and Small Entrepreneurs.
DOI: 10.5220/0010675800002967
In Proceedings of the 4th International Conference of Vocational Higher Education (ICVHE 2019) - Empowering Human Capital Towards Sustainable 4.0 Industry, pages 319-325
ISBN: 978-989-758-530-2; ISSN: 2184-9870
Copyright
c
 2021 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
319

Following the tagline of PT. Pegadaian which is
“Solving Problems Without More Problems”, this
state-owned enterprise (SOE) has become one of the
solutions for most people, especially for people with
a weak economy category. Specifically, this company
has helped people who have businesses in the SME
category. This is in line with the vision and mission
of PT. Pegadaian (2013) stating that “in 2013,
Pegadaian was the champion in pawnbroking and
fiduciary of SMEs financing for the middle to lower
classes”. The mission sare to (1) help government
programs improving the welfare of people, especially
those in the lower middle class by providing the best
financial solutions through micro, small and medium
scale lending based on liens and fiduciary laws; (2)
provide benefits to stakeholders and implement good
corporate governance consistently; (3) carry out other
businesses to optimize resources.
Therefore, the research problems of this study are:
(1) How effective is the use of loan funds by the SME
actors?; (2) Can loan funds improve welfare?; (3)
How does the customer perceive the tagline of PT.
Pegadaian?
2 THEORETICAL FRAMEWORK
2.1 Pawnshop
PT. Pegadaian, before it is accessible, tends to have
its term as a pawnshop. PT. Pegadaian refers to
institutions offering loans to people by mortgaging
their valuable belongings. Unlike other lending
institutions, PT. Pegadaian does not report fast loans
because they have mortgaged goods physically, and
they can repay the loans by selling them (Pegadaian,
2019). PT. Pegadaian is a financial institution, but not
a bank that gives credit the way it is by pawning law.
While the provisions in force in the pawning law are
that the prospective borrowers must submit their
property for collateral given to the pawnshop
(Pengertian fungsi, peran, 2019
).
PT. Pegadaian as a public company is the only
business entity in Indonesia that has an official
license to perform financial institution activities in the
form of financing by distributing public funds based
on liens, as referred to in the Civil Law Article 1150
(Pegadaian konvensional, 2009). PT. Pegadaian aims
to implement and support the implementation of
government policies and programs in the field of
economy and national development in general
through the distribution of loans based on the liens
and also the prevention of bonded practices, illicit
pawnshops, usury, and other uncommon loans. There
are several benefits for the customers, for example (1)
the procedure is relatively more straightforward and
faster compared to bank credit procedure; (2) the
assessment of the value of the movable property from
an experienced and trusted institution; and (3) a
trusted safekeeping of movable property.
In providing services to develop work values to
employees, PT. Pegadaian formulates a fascinating
organizational culture of INTAN (Pengertian
pegadaian dan koperasi, 2011). The word “I” stands
for innovative or innovative (1. initiative, creative and
productive; 2. solution-oriented), “N” for Nilai moral
Tinggi or high moral value (1. devout worship; 2.
honest, positive thinking), “T” for terampil or skilled
(1. competent in their field; 2. always developing
themselves), “A” for adil layanan or an excellent
service (1. sensitive and responsive; 2. empathy,
polite and friendly), and the last “N” for nuansa Citra
or image (1. having a sense of belonging; 2. caring of
the company right name/image).
2.2 Effectiveness
Effectiveness is an embodiment to achieve a goal
desired by someone. When someone decides to make
a loan at PT, Pegadaian, the loan must be intended for
a particular use. This decision has been through a
process by choosing the right goals from a set of
alternative or preferred ways and making a choice
from several other choices. Effectiveness refers to the
condition and the ability of the success of a work done
by humans to provide the expected benefits. It can be
seen from a specific context. In a broader context, it
can be interpreted as the extent to which an
organization can realize its various objectives (Kusdi,
2009).
Effectiveness implies the property of being
practical; however, for centuries economists,
philosophers, engineers, military generals,
government leaders, and managers have sought to
define, measure, analyze, and capture its essence.
Whether managers can influence the effectiveness
and how managers can influence, it is difficult to
determine (Ivancevich et al., 2007). Effectiveness is
the ability to choose the right goal or equipment for
achieving the stated goals (Yudhanigsih, 2011) that it
implies the occurrence of the desired effect. It also
involves the use of infrastructure and resources in a
certain amount that has been predetermined to
produce several goods or services that will be
performed by someone or a company (Pengertian
efektivitas menurut, 2018). In the organizational
context, work effectiveness is defined as a function of
the rules and practices that the company uses
ICVHE 2019 - The International Conference of Vocational Higher Education (ICVHE) “Empowering Human Capital Towards Sustainable
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consistently. These forms of consistency act as a
source of organizational strength and a way to
improve organizational performance and
effectiveness (Pengertian efektivitas kerja, 2017).
Further, it also contributes to the completion of work
on a predetermined basis, meaning that the work
implementation is considered good or not will depend
on the completion, procedure, and the cost incurred in
performing the work (Pengertian efektivitas menurut,
2018).
2.3 Small and Medium-Sized
Enterprise
Small and Medium-sized Enterprise (SME) is one of
the critical economic drivers in many countries. It is
such an embryo of large companies because naturally,
a big company is a result of small companies that
grow. Therefore, SMEs have contributed quite a lot
to the growth of the economy and the prosperity of a
nation. In general, they also contribute to the
economic structure of a society. Several experts claim
that before the 1960s, SMEs were recognized as an
essential factor in the creation of wealth and
employment for the westerners and they played an
essential role in economic development (Simmons et
al., 2008); (Singh & Janor, 2013). Indeed, the
existence of SMEs is more visible in developing
countries (Mishra & Koehler, 2006).
SMEs in Indonesia is an integral part of the
national economic system. They play a very vital role
to accelerate equity and economic growth (Anggraeni
et al., 2013). Based on the Republic of Indonesia Law
No. 20/2008 concerning the SMEs, it is stated that
they are productive businesses owned by individuals
or individual business entities that have an asset value
of at most IDR 50 million or with annual sales of IDR
300 million.
3 RESEARCH METHODS
This study used a survey technique to examine the
effectiveness of the use of funds borrowed by
customers at PT. Pegadaian in North Sulawesi. The
purpose of descriptive studies is to study the aspects
of who, what, when and how of a particular topic
(Cooper & Emory, 1997), or where the information
obtained aims to provide a description / elaborate on
a situation, and generally do not test hypotheses
because the variables are independent and are not
related to each other (Supranto, 2003).
The research subjects were the customers of PT.
Pegadaian is operating in North Sulawesi province.
Given the fact that the number of populations was
unknown, the sample was taken by using a non-
probability method (Cooper & Emory, 1997), by
using a convenience sampling technique (Wibisono,
2003); (Aritonang, 2000). There were 182 determined
respondents proportionally distributed according to
the number of branch offices operating in each city
and regency of the research object which included
Manado, Bitung, Tomohon, and Kotamobagu city,
and Minahasa, North Minahasa, South Minahasa,
South Bolaang Mongondow, and East Bolaang
Mongondow regency.
The data were analyzed using a non-parametric
statistical approach. The analysis results were then
continued with discussion following the findings
found in the field by interpreting them qualitatively.
The conclusions were able to be drawn as the answers
to the research problems developed in this study.
4 RESULTS
4.1 Respondents’ Profile
Description of the respondents’ profile was one of the
dimensions that can be used as a review and analysis
as a representation of the respondent. Based on
the182 respondents of SME actors, there were 79%
women, 18% men, and 3% of respondents who did
not give definite answers related to their gender
status. Most of them were in the range of 20-50 years
old. There were 36% of 41-50 years old,24% of 31-
40 years old, and 18% of 21-30 years old. There were
only 19% who were over 50 years old and 3% of those
who were younger than 20 years old. Thus, the
majority of respondents were at a productive age, so
they were in a prime condition to run a business.
The respondents also had various educational
background. 3% of them only attended elementary
school, 15% of junior high school, 54% of senior high
school, 3% took diploma, 22% had a bachelor’s
degree, 2% had a master’s degree, and the rest 1%
was not identified. Also, 89% or 162 respondents
were married, 8% or 15 of them were single, and the
rest 3% or five respondents were divorced.
Based on the description mentioned above, it can
be concluded that almost all respondents had the
responsibility to provide for their families. Thus, their
efforts to run the business and earn income were
essential. Becoming the SME actors motivated them
to be the customers of PT. Pegadaian to get a loan to
start their business or develop the existing ones.
The Effectiveness of Utilizing Business Capital Loans by Micro and Small Entrepreneurs
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4.2 Type of Business
The scope of SMEs was quite diverse where there
were plentiful choices of business actors adjusted to
the resources they had. The resources in question
could be in the form of skills, knowledge, and work
experience as the necessary capital of human
resources. Also, the external resources such as capital
and environment were the scope in which businesses
were started and developed. There were 64% of
respondents who had permanent businesses as
traders, breeders, food stall sellers, laundry service
providers, and tailors. While those who did not give
definitive answers related to the SMEs amounted to
36%. Although they might have no business or only
as a beneficiary of PT, Pegadaian services, they had
the potential to be a business actor.
4.3 Length of Business
Being the SME actor was the main occupation of 64%
of respondents. There were 12% of them who run the
business activities for less than two years, 19% of
them for 3-5 years, 8% for 6-8 years, then 10% for 8-
10 years, and 9% for more than ten years. The rest
10% did not specify how long they had been in the
business. Further, 65 respondents were not the actors
of SMEs, which affected the percentage of the actual
length of business of the respondent.
4.4 Monthly Revenue
There were 30% of respondents who gained monthly
revenue of less than IDR 2.5 million, 36% had IDR
2.5 -5 million,12% had IDR 5-7.5 million,7% had IDR
7.5 – 10 million, and only 3% had more than IDR 10
million. The rest, 12%, did not provide clear
information.
4.5 Beneficiaries of PT. Pegadaian
Services
Not all of the respondents surveyed in this study had
received a loan from PT. Pegadaianto is used to
increase business capital. However, they had become
a customer by obtaining service benefited from PT.
Pegadaian products such as gold pawning. There
were 67.4% of respondents obtained business loans,
22.1% did not, and the rest, 10.5% did not give
definite answers.
4.6 Loan Utilization
In terms of loan utilization, most of the respondents
(34.8%) tended to make these funds as business
capital. The other 21.1% used it for children’s
education tuition, 16.6% used it for household
purposes, 19.3% used it for personal purposes, and
the rest 7.2% did not provide answers. For those who
used the loan for personal purposes, the researchers
assumed that they were ordinary customers who
frequently used PT. Pegadaian products only for gold
pawning services as the company’s core business.
4.7 Benefits of Business Capital
Business capital was used to increase the business’s
ability to increase profits and income. Based on the
interviews with the respondents, the findings obtained
related to the added value of capital provided by PT.
Pegadaian showed that 55% of SMEs felt that the
business capital they gained increased their income.
Only 6% of the SME actors said that it did not affect
increasing their income. However, there were 26%
who did not know and 13% who did not provide
answers. The researchers concluded that several
respondents failed to gain more profits in their
business despite the additional capital because they
did not yet have financial records that met a sound
accounting system, so they did not have information
related to the additional contribution of the additional
capital.
4.8 Increased Prosperity concerning
Business
Increased prosperity was expected from the
respondents who received loans for additional
business capital. However, only 61% of the
respondents who got to experience it, and 5% claimed
that they did not experience it. The rest 34% could not
identify.
4.9 Business Development with
Increased Business Capital
Growing and developing businesses were what every
businessman expects. One factor that can improve
business development is additional capital. In this
study, there were 58% of respondents who
experienced business development after there was
additional business capital from PT. Pegadaian.
However, there were also 7% who did not experience
this while as many as 35% were in the “grey area”
because they did not provide a clear statement on
ICVHE 2019 - The International Conference of Vocational Higher Education (ICVHE) “Empowering Human Capital Towards Sustainable
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business development when they got additional
business capital.
4.10 PT. Pegadaian Tagline Relevance
with Customer Experience
People would be familiar with certain brands through
their tagline. Especially for loyal customers, of
course, they had experience in interacting with the
companies. PT. Pegadaian is a state-owned company
that has been operating for more than 100 years. This
company has already a quite long experience in
providing services to many communities in
Indonesia, especially those in need of funds in
exchange for mortgaged valuable goods. Concerning
the tagline of PT. Pegadaian is saying that “Solving
Problems Without More Problems”, 94.5% of
respondents said that PT. Pegadaian could solve its
financial problems. Only 4.4% did not feel the
compatibility of PT. Pegadaian tagline with the
financial problems they faced and 1.1% did not know.
Thus, the majority of respondents believed that PT.
Pegadaian tagline was following the financial needs
they needed.
4.11 Relationship of Tagline and
Services for Customers
The quality of services to customers was one of the
critical factors for customer satisfaction which in turn
contributed to the level of business success. The
company tagline should ideally be implemented in
service to customers, and not just looked “beautiful”
on paper. Concerning the PT Pegadaian tagline, when
the respondents were asked whether it was in line
with the service they experienced, 96.7% of
respondents felt that there was a relationship between
the tagline and the services provided by PT.
Pegadaian. Only 2.2% did not feel the suitability of
the service with the tagline, and 1.1% did not know.
This indicated that the majority of respondents
experienced the suitability of the tagline with the
services they got when interacting and making
transactions with PT. Pegadaian.
4.12 PT. Pegadaian Tagline Relevance
with Current Conditions
The company’s values were reflected in a company
statement manifested in the form of “company
motto”. A good tagline when it was formulated by the
company management; ideally, it could reach the
space and time, and sustainability of the company for
generations of management in the future. Therefore,
formulating a company tagline required strategic
thinking so that it could sustainably picture the
company’s future. If possible, the company’s tagline
statement should be simple, easy to remember,
reflecting customer needs, and could be implemented
in real business practice when the respondents were
asked whether PT. Pegadaian tagline was still
relevant to the current conditions in this digital age,
92% claimed that it was still relevant, 4% did not
think it was and the rest 4% did not know. This
indicated that the majority of respondents
experienced the relevance of the tagline of PT.
Pegadaianwith the current conditions of customers
and perhaps, the community in the broader
perspective.
4.13 Relationship of Consumer
Satisfaction with PT.Pegadaian
Services
Customer satisfaction was a crucial problem for every
company, including PT. Pegadaian.The results found
that the majority of respondents (96.7%) were
satisfied, 2.2% were dissatisfied, and 1.1% did not
provide clear answers. Therefore, in conclusion, the
customers were satisfied with the services provided
by PT. Pegadaian.
5 DISCUSSION
The capital was one of the factors influencing the
growth and development of a company. For well-
operating companies and was classified as businesses
with broad corporate categories, it was not difficult to
get additional capital compared to the SMEs.
Companies with a good business reputation, the
additional capital, was generally offered by the
financial institutions. However, it took a lot of effort
for SMEs to get additional business capital. The SME
actors were often perceived to be less trusted by
financial institutions because they did not have the
reputation of being a big company. They often had to
face several problems (Yuwono & Ardianti, 2013),
and it was also because of difficult access to financial
institutions (Adawiyah, 2011).
PT.Pegadaian was one of the financial institutions
whose core business was to provide access to capital
for anyone who needed money by mortgaging their
valuable goods such as the gold they owned. In
business development, PT. Pegadaian had
transformed by developing various types of products
so that it could provide financial assistance in the
The Effectiveness of Utilizing Business Capital Loans by Micro and Small Entrepreneurs
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form of loans for business capital. In this digital era,
PT. Pegadaian services were getting increasingly
diverse and could be easily accessed by anyone who
needed fresh funds.
The findings indicate that 67.4% of SME actors
did not quickly get additional business capital to
develop their businesses. This means that access to
business capital for the customers of PT. Pegadaian
was not as tricky as what was stated above. The
problem was, had the business capital received been
effectively utilized for business development? The
results showed that only 34.8% of the respondents
used loans for business purposes. Thus, the use of
loan had not been beneficial for the development of
SMEs in North Sulawesi.
About the added value for business actors to
increase their income and welfare, the funds provided
by PT. Pegadaian showed a positive thing. There
were 55% of SME actors that benefited from the
additional capital, due to an increase in income. Only
6% of SME actors did not experience this. This was
something normative because basically, not all
business actors were succeeded in their business
activities.
In running a business, everyone expected a
positive change to improve their welfare, and so did
the SME actors. In this study, it was found that 58%
of SME actors obtained an increase in welfare from
the additional capital they obtained. Only 7% felt
there was no improvement. Thus, most SME actors
experienced an increase in their welfare over the
capital they got from PT. Pegadaian. Thus, PT.
Pegadaian services provided increased welfare for
SME actors, and even for customers in general.
There were three things related to PT. Pegadaian
tagline tested based on customers’ perceptions: the
experience of interacting about the tagline, the
services experienced about the implementation of the
tagline, and the tagline of “Solving Problems Without
More Problems” relevance to the current conditions.
The results showed that the customers’ experience in
interacting and dealing with PT. Pegadaian was very
positive because 94.5% of the respondents surveyed
stated that the tagline was reflected when interacting
with the employees.
Concerning the services, the respondents
experienced during their transactions with PT.
Pegadaian, it had a high percentage of 96.7% of very
positive results. This indicated that the SME actors
thought that the problems related to the needs for
additional business capital and other customers’
needs could be met through solutions offered by PT.
Pegadaian by providing loans. Thus, there was a
positive relationship between the tagline of PT.
Pegadaian has its brand image with the services they
provided.
Further, about the tagline relevance with the
current conditions in this digital age, it was found that
the tagline was still highly relevant. The majority of
SME actors(92%)and other customers believed that
the tagline also reflected their current financial
problems. Thus, the experience of interacting and
making transactions with PT. Pegadaian became the
basis that there was a positive tagline relevance with
the current conditions of SME actors to obtain
additional business capital.
Also, satisfaction was an indicator of service
quality. In business activities, service quality was an
essential part of influencing customer satisfaction
(Gilbert et al., 2004). In this study, there was a highly
positive satisfaction of SME actors and customers of
PT. Pegadaian services (96.7%). This indicated that
the services provided by PT. Pegadaianwere very
good so that their customer satisfaction was very
high. Thus, the needs of SME actors and other
customers could be met. This finding was very
reasonable because of PT. Pegadaianwas the only
state-owned enterprise engaged in the pawnshop
business and had a long experience following the firm
age which had reached100 years.
Empirically, the SMEs as expressed had
contributed to the growth of job availability
(UNINDO, 2004); contributed significantly to the
socio-economic improvement of the community
(Gileta, 2013); contributed to the economic
development and structure of a country (Hussain &
Matlay, 2007), and the presence of SMEs made a
significant contribution to innovation, employment,
and GDP (Carree & Klomp, 1996).
Based on the opinions of several researchers
above, the existence of SME actors would never
disappear throughout human life. They would
continue to transform following the development of
current industries, including with the industrial
revolution 4.0, which is currently in process. This
study found that the efforts of SMEs to develop
business by getting business capital loans from PT.
Pegadaianwas sustainable empowerment of human
resources in the field of entrepreneurship.
6 CONCLUSIONS
There are several suggestions based on this research:
(1) the socialization and literacy of the loan utilization
for customers as the SME actors for business
development purposes need to be improved so that
they can increase the effectiveness of the loan
ICVHE 2019 - The International Conference of Vocational Higher Education (ICVHE) “Empowering Human Capital Towards Sustainable
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utilization following the agreement;
(2) although the tagline of PT. Pegadaian is still
relevant in this digital era; it is necessary to always
evaluate it to maintain the brand image of the
company; (3) PT. Pegadaian should continue to
improve the quality of service to customers to
maintain the level of customer satisfaction, and (4)
PT. Pegadaian should continue to transform business
services following changes in the most current
financial business landscape to maintain the
sustainability of the company.
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