Agrobank chief executive officer, Khadijah Iskandar

KUCHING: The initiatives by the state government to support businesses affected by Covid-19 through the Sarawak Micro Credit Scheme (SMCS) is timely, said Agrobank chief executive officer Khadijah Iskandar.

She said the RM50 million total allocations to support the economic development of B40 and a small medium enterprise (SME) entrepreneur in the state provides ample opportunities for the group in terms of growth.

“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 have demonstrated that economic activities in Sarawak are vibrant.

“This programme (SMCS) provides abundance of opportunities for B40 and SME entrepreneurs and its ecosystem to grow their businesses during this challenging time,” she said in a statement on Friday.

She was commenting on the collaboration by Agrobank and the Sarawak Economic Development Corporation (SEDC) to manage and disburse SMCS which will benefit some 62,000 of B40 and SME entrepreneurs statewide.

Under the financing programme, Agrobank provides two different schemes — Sarawak Micro Credit Scheme 1 (SMCS 1) and Sarawak Micro Credit Scheme 2 (SMCS 2).

Both aim 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, the state government also pledged to give immediate moratorium of up to six (6) months for the monthly instalment payments of all financing facilities.

Eligible applicants who meet the B40 definition and SME criteria 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.