Agrobank Opens Commercial Financing Center In Kampung Raja, Cameron Highlands
CAMERON HIGHLANDS, PAHANG – Tan Sri Mohamad Zabidi Zainal, Chairman of Agrobank’s Board of Directors, today, officiated the Agrobank’s Commercial Financing Center, located in Kampung Raja, Cameron Highlands with aim to specifically process commercial financing applications in the area.
This is the first commercial center ever established by Agrobank as one of the Bank’s strategic plan to provide financial services in the area that has many agricultural activities. With the availability of this Center, the Bank’s existing and potential customers which consist of small and medium entrepreneurs can easily obtain information and apply for financing as the Commercial Financing Centre focuses on processing commercial financing applications.
According to Dato’ Wan Mohd Fadzmi, President / Chief Executive Officer of Agrobank, the existence of various agricultural activities as well as business opportunities and entrepreneurship particularly in Kampung Raja, Simpang Pulai and Lojing, other than in Cameron highlands itself, have encouraged Agrobank to meet the needs of these agricultural entrepreneurs. “With the Commercial Financing Center set in place, our business focus is on operators of small and medium industries in these areas that require commercial financing facility of more than RM200,000 and up to RM10 million to strengthen agriculture based business.
As the main economic activity here is agriculture and plantations, the existence of Agrobank here is relevant and meeting the market needs as there are around 2,400 farmers registered particularly in Cameron Highlands”, he added.
According to Tan Sri Mohamad Zabidi Zainal, Chairman of Agrobank in his speech, Agrobank will always support any viable business to ensure food security and an increase in country’s food production, apart from putting emphasis and focus on the use of technology and innovation in order to improve productivity and quality of production.
“In our efforts to conduct agriculture-based business on commercial basis, the use of technology is important in reducing labour, costs and to increase agricultural input. Therefore, entrepreneurs need to change their way of thinking from subsistence level to commercial and export-based thinking”, he added.
Apart from processing applications specifically for commercial financing, the Centre also has other banking facilities such as ATM and CDM electronic machine for customers in the surrounding area.
Agrobank also has another branch in Tanah Rata, Cameron Highlands that will focus its operations on processing commercial financing of less than RM200,000 apart from micro facilities as well as other banking services.
Through the new Commercial Financing Center, Agrobank is targeting an increase in market share from 16% to 30% within a span of two years from its establishment which is RM111.2 million during the year to RM148 million in 2017.
Other than providing financing facilities, Agrobank also provides additional services to clients such as business advisory and guidance through the implementation of the entrepreneurship development programmes in agriculture which is in line with the National and the Ministry of Agriculture and Agro-based Industry agenda which refers to the National Agrofood Policy (2011-2020).