Utilization of the CROWDE Application as an Alternative Digital Capital for Agribusiness Development (Jurnal Sains Dan Teknologi)

Summary

• CROWDE acts as a digital fintech platform providing crowdfunding and P2P lending mechanisms to connect farmers needing capital with potential funders [p.2, p.4, p.7].p.4
• The platform's financing mechanism comprises three main stages: planning (farmer profiling and project analysis), execution (online fundraising and distribution of production inputs), and supervision [p.4].p.4
• In a studied sample of farmers, 3 experienced a decrease in total debt while 2 saw an increase after utilizing CROWDE [p.5].p.5
• Production outcomes improved following CROWDE financing, with 3 farmers experiencing an increase of 25–50% and 2 farmers seeing an increase of 50–100% [p.5].p.5
• A survey of 371 farmers in West Java indicated that hedonic motivation, price value, and habits significantly correlate with farmers' intention to use peer-to-peer financing services [p.6].p.6
• CROWDE complements financing with technical support such as Good Agricultural Practices (GAP) training, post-harvest empowerment, and partnerships with agricultural experts [p.2, p.5].p.2

Key insights

1. CROWDE facilitates peer-to-peer lending and crowdfunding models to bridge the financing gap for farmers lacking access to formal financial institutions.p.7
2. The platform disburses funds indirectly via agricultural input stores to ensure capital is directed specifically toward seeds, fertilizers, and supplies.p.4
3. CROWDE incorporates a digital Wallet feature enabling investors to manage their capital returns.p.4
4. Financing impact varies individually, as demonstrated by some farmers increasing their productivity by up to 50–100% while others take on additional debt burdens.p.5
5. Platform utilization requires prospective borrowers to submit detailed farm profile data, including land ownership status, land area, commodity type, and farming group membership.p.6
6. User adoption of digital agricultural loans is driven by price value, perceived convenience, and technology habits rather than mere service availability.p.6
7. Key barriers to digital agricultural capital expansion include low digital literacy, inadequate internet infrastructure, UI/UX issues, and crop production risks.p.1