KUCHING, April 3 (Bernama) -- Following the announcement  on the Sarawak Micro Credit Scheme (SMCS) by the Sarawak government on Tuesday, Agrobank is proud to support the state's latest initiative under the Pakej Bantuan Khas Sarawakku Sayang. The micro credit scheme is developed to support entrepreneurs particularly those affected by the Movement Control Order (MCO) and the COVID-19 pandemic.

The scheme is one of the initiatives  under the Pakej Bantuan Khas Sarawakku Sayang  announced by Chief Minister Datuk Patinggi Abang Johari Tun Openg on March 20.

The extra allocation brings the total value of SMCS financing to RM50 million, benefiting some 62,000 of B40 and SME entrepreneurs statewide.

Under this collaboration, Agrobank and Sarawak Economic Development Corporation will manage and disburse the RM50 million total allocation to support the economic development of B40 and SME entrepreneurs in Sarawak.

Commenting on the collaboration, Khadijah Iskandar, Covering President/ Chief Executive Officer of Agrobank said, “Sarawak Region has always been one of our key business focuses and Agrobank is committed to empowering the B40 groups in Sarawak through our various structured micro-financing programmes.”

“The significant numbers of customers served has demonstrated that economic activities in Sarawak are vibrant and this programme provides abundance of opportunities for B40 and SME entrepreneurs and its ecosystem to grow their businesses during this challenging time. The initiatives by the state of Sarawak is timely to support small and significant businesses in Sarawak particularly those affected by COVID-19,” she added.

Under this financing programme, Agrobank  provides two different schemes - Sarawak Micro Credit Scheme 1 (SMCS 1) and Sarawak Micro Credit Scheme 2 (SMCS 2) which aims to accommodate the B40 entrepreneurs and also SME Entrepreneurs  with the right financial support to address their unique business needs.
 
SMCS 1 offers a financing ranging from RM1,000 up to RM5,000 with zero profit charge which will be provided to B40 entrepreneurs. SMCS 2 on the other hand offers, a financing from RM5,000 up to RM50,000.

In addition to the financing programmes, Sarawak State Government has also pledged to give an immediate moratorium of up to six (6) months for the monthly installment payments of all financing facilities approved under this programme. This directive aims to help alleviate the financial burden of small businesses particularly the B40 and SME entrepreneurs during this challenging period.

Agrobank provides shariah-compliant financial solutions focused on making a positive economic, social and environmental impact for the long term through its sustainable business practices.

The adoption of shariah-compliant financing solutions to help businesses effect positive change is also in line with Bank Negara Malaysia’s objective to drive Value Based Intermediation 3 (VBI) practices through Islamic financing.

Eligible applicants who meet the B40 definition and SME criterias may contact any Agrobank branches across Sarawak or call our Kuching contact centre at 082- 429077 or 082 -424577 to enquire about the financing programmes.

ABOUT AGROBANK
 
Agrobank is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah compliant products and solutions across various customer segments including corporate, commercial, consumer, trade finance and micro financing customers. Agrobank is a full-fledged Islamic bank since 1st July 2015.
 
As a market driven, customer-centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing and distribution of agricultural products.
 
Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 192 customer touch points including 138 branches, 1 agro banking, 1 virtual banking, 10 commercial financing centre, 34 kiosk, 8 agro corners & agro point.
 
In 2019, Agrobank celebrates its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro industry.
 
www.agrobank.com.my
 
* VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns.

Issued by Strategic Communications Department, Agrobank

SOURCE: Agrobank

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Ainul Rofidza Ibrahim
Head of Strategic Communications Department, Agrobank
Tel:03-2731 1600 (ext 2624) / +6019-2258210
Email: ainul.ibrahim@agrobank.com.my
 
Name: Shahreen Rahim
Section Head of Public Relations, Strategic Communications Department, Agrobank
Tel: 03-2731 1600 (ext 1660) / +6012 943 6217
Email: shahreen.rahim@agrobank.com.my

--BERNAMA