KUCHING, Apr 4: Agrobank has partnered with Sarawak Economic Development Corporation (SEDC) to manage and disburse the RM50 million fund under Sarawak Micro Credit Scheme to support the economic development of B40 and small and medium enterprises in Sarawak.
In a media release today, Agrobank highlighted that it will offer two schemes – Sarawak Micro Credit Scheme 1 (SMCS 1) and SMCS, aimed at accommodating the B40 entrepreneurs and also small and medium enterprise (SME) entrepreneurs with the right financial support to address their unique business needs.
“SMCS 1 offers B40 entrepreneurs financing ranging from RM1,000 to RM5,000 with zero profit charge while SMCS 2 offers a financing from RM5,000 to RM50,000,” the bank explained.
In addition to the financing programmes, Agrobank also noted that the state government had pledged to give an immediate moratorium of up to six months on the monthly installment payments of all financing facilities approved under this programme to help alleviate the financial burden of small businesses particularly the B40 and SME entrepreneurs during this challenging period.
Agrobank covering president chief executive officer (CEO) Khadijah Iskandar pointed out that Agrobank was proud to support the state’s latest initiative under the Sarawakku Sayang Special Assistance announced recently.
“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,” she said.
Khadijah emphasised that the initiatives by state government was timely to support small and significant businesses in Sarawak particularly those affected by Covid-19.
Chief Minister Datuk Patinggi Abang Johari Tun Openg has on March 23 announced a RM1.15 billion stimulus package to help people cushion the impact of economic uncertainties brought about by the Covid-19 outbreak and restrictions during the Movement Control Order (MCO).
As for SMEs, the state government injected an additional RM20 million for the micro credit scheme on top of the inital RM30 million allocated in this year’s budget which would benefit some 62,000 entreprenuers statewide.
The state government will also be giving a nine-month deferment for loan repayment effective April 2020 for 144 outstanding borrowers of Small and Medium Industries Loan Scheme (SPIKS).
Potential applicants may contact any Agrobank branch across Sarawak or call its Kuching contact centre at 082-429077 or 082-424577 for more information on the financing programmes.—DayakDaily
