KUCHING: Agrobank welcomes the Sarawak Government’s additional RM20 million Sarawak Micro Credit Scheme (SMCS) under the Sarawakku Sayang Special Assistance Package.
In a statement Tuesday, it said 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 (SEDC) will manage and disburse the RM50 million total allocation to support the economic development of B40 and SME entrepreneurs in Sarawak,” it added.
The micro credit scheme aims to support entrepreneurs particularly those affected by the Movement Control Order (MCO) and the Covid-19 pandemic.
Agrobank covering president and CEO Khadijah Iskandar said Sarawak has always been one of the bank’s key business focuses.
“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 said.
Under this financing programme, Agrobank is providing two different schemes – Sarawak Micro Credit Scheme 1 (SMCS 1) and Sarawak Micro Credit Scheme 2 (SMCS 2) – which aim to accommodate the B40 entrepreneurs and also SME Entrepreneurs with 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 financing from RM5,000 up to RM50,000.
“In addition to the financing programmes, the state government has also pledged to give an immediate moratorium of up to six months for the monthly installment payments of all financing facilities approved under this programme,” the statement said.
The bank said it provides shariah-compliant financial solutions focused on making a positive economic, social and environmental impact for the long term through its sustainable business practices.
It advises eligible applicants who meet the B40 definition and SME criterias to contact any of its branches across Sarawak or call our Kuching contact centre at 082-429077 or 082-424577 to enquire about the financing programmes.