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Agrobank Supports the Sarawak State Government Initiatives to Offer Micro-Financing Worth RM50 Million

KUCHING – 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.