Agrobank Approves Loan Financing For Kelantan Enterpreneurs
TUMPAT, KELANTAN – Agrobank today presented letter of offer (LO) to six (6) enterpreneurs and cheques to another six (6) entrepreneurs with total financing amount of RM642K. The LOs and cheques were presented to the entrepreneurs by YB Datoâ€™ Sri Ismail Sabri Yaakob, Minister of Agriculture and Agro-based Industry Malaysia (MoA) at an event known as â€œMajlis Perjumpaan Agrobank Bersama Usahawanâ€ held at Sekolah Rendah Pangkalan Kubor 2. Also present at the ceremony were Tuan Syed Ibrahim Syed Mohamed, Agrobankâ€™s Regional Manager (Kelantan) representing YH Datoâ€™ Wan Mohd Fadzmi Wan Othman, President/ Chief Executive Officer of Agrobank and YBhg. Datuk Abdul Rahim Bin Hassan, Managing Director of TEKUN.
The loan distribution were from various facilities offered by the bank such as MyAgrosis, Machinery and Equipment Financing (MAEF-i), Bai Bithaman Ajil (BBA), Masyarakat Perdagangan & Perindustrian Bumiputera Scheme (MPPB) and also micro financing.
According to YH Datoâ€™ Wan Mohd Fazmi Wan Othman, as at 31st August 2014, Agrobank approved loans totaling RM1.4 billion and currently Agrobank has 1,909,481 account holders. Kelantan has recorded encouraging achievements whereby more than RM79 million loan has been approved as at August 2014. From this amount, RM48.6 million was from the consumer loans.
Since its inception in 1970, Agrobank has been providing banking services to the unserved and underserved in the rural or remote areas â€˜For 44 years, Agrobank has played an important role in providing financing for the agriculture sector in Malaysia. For agricultural financing segment, Agrobank contributed 10.2%, which includes RM3.6 billion from the total of RM 31.7 billion agricultural finance market in 2013â€ he added.
Recently, Agrobank has introduced more new products specifically for agriculture financing which is in line with its efforts to provide comprehensive financing. One of the products is Machine and Equipment Financing (MAEF-i), which was launched on 16 August 2014 in Kedah. This financing was introduced specifically to facilitate the farmers and agricultural entrepreneurs to have the necessary machinery at a very competitive and affordable rate.
On August 19, Agrobank has also launched Trade Finance facility which was launched by YB Datoâ€™ Sri Ismail Sabri bin Yaakob, Minister of Agriculture and Agro-based Industry. This product is designed to facilitate Small Medium Industries and commercial and corporate customers to obtain short-term working capital financing for both local and foreign transactions. This will help the entrepreneurs in agro-based industries to expand their businesses and penetrate the global market effectively. With the launch of this facility, Agrobank is the first DFI in Malaysia to offer its own trade finance.
Agrobank is a Development Finance Institution (DFI) that has been mandated by the government to develop the agricultural sector by providing financing and credit facilities primarily to agriculture entrepreneurs.