A Shot in The Arm For SMEs: Agrobank Announces a Suite of Measures
KUALA LUMPUR – As the COVID-19 outbreak widens with Malaysia entering the second wave of the spread, Agrobank announced a suite of measures along with initiatives undertaken by Bank Negara Malaysia (BNM) aiming to provide relief to Small and Medium Enterprises (SMEs) affected by the pandemic.
Agrobank is offering an immediate moratorium of up to six (6) months for the monthly installment payments of financing to its existing customers.
The bank will also continue to accommodate requests from affected customers to restructure or reschedule their financing to help with their cash-flow situation.
Commented on the announcement, Khadijah Iskandar, Covering President/ Chief Executive Officer of Agrobank said, “As the outbreak escalates, Agrobank will continue to be very active in providing financial relief measures in assisting SMEs to weather the storm of COVID-19 pandemic.”
Special Relief Facility (SRF)
In addition to its Moratorium Programme, Agrobank through Bank Negara Malaysia (BNM)’s Stimulus Package 2020 is also providing a RM2 billion Special Relief Facility (SRF), which will be deployed in the form of working capital to assist SMEs that are adversely impacted by COVID-19.
This facility is vital for SMEs in agriculture and agrofood sectors in sustaining their business operation and also alleviating short term cash flow problems.
“Through this programme, Agrobank will provide a prompt, collateral-free financing facility of up to RM1 million per SME with a competitive financing rate capped at 3.75% per annum. Eligible SMEs can obtain this financing facility with Agrobank for a tenure of up to 5.5 years, including a 6-month grace period,” Khadijah added.
Other Supports Under Stimulus Package 2020
Apart from Special Relief Facility which is targeted to provide immediate and targeted cash flow support to SMEs that impacted by COVID-19, Agrobank has also launched other financing facilities under BNM’s Stimulus Package 2020 such as the RM1-billion Agrofood Facility (AF), as well as the RM300-million SME Automation and Digitalisation Facility (ADF). Both AF and ADF aims to provide supports to SMEs who are not affected by COVD-19.
“We continue to monitor the developments of COVID-19 and are always prepared to support our customers with the best financial solution especially during this difficult time. Our employees who work directly with the customers are trained to identify, assist and provide them with the right financial support to address their unique business needs,” said Khadijah.
Customers can call the bank’s customer contact centre at 1-300-88-2476 or visit the nearest branch to enquire more information on the assistance available.