Agrobank targets microfinancing of RM240m this year

The bank’s president and CEO said through the microfinancing, traders or entrepreneurs have an opportunity to expand their businesses or projects further. — Reuters pic
The bank’s president and CEO said through the microfinancing, traders or entrepreneurs have an opportunity to expand their businesses or projects further. — Reuters pic

SEREMBAN, March 1 — Agrobank has target microfinancing of RM240 million for this year.

President and Chief Executive Officer Datuk Wan Mohd Fadzmi Wan Othman said in this regard, among the steps to be taken by the bank is the expansion of products through cooperation with agencies in the Agricultural and Agro-based Industry Ministry, to secure customers on a group basis.

He said through the microfinancing, traders or entrepreneurs have an opportunity to expand their businesses or projects further.

“This is in line with the government’s objective of helping traders become small and medium entrepreneurs,” he added.

Wan Mohd Fadzmi said this when met at the “Leaders with Marketers Programme” organised by Agrobank and the Federal Agricultural Marketing Authority (Fama) at the Paroi Jaya Farmers Market here today.

The programme was officiated by Agricultural and Agro-based Industry Minister Datuk Seri Ismail Sabri Yaakob.

Wan Mohd Fadzmi said up to December 2014, Agrobank had provided microfinancing of RM1.56 billion to 109,795 traders.

“Agrobank’s microfinancing is specifically to help entrepreneurs and small traders meet their fixed and working capital with financing of between RM1,000 to RM50,000.

“Groups benefiting from this are farmers, breeders, fishermen and others such as restaurants and snack food operators. It is to meet their needs in segments such as production, processing, services and marketing.

“As this sort of financing does not require any deposit, it is very useful for entrepreneurs and petty traders, although they are required to repay the loan,” he added.

Agrobank has been a pioneer in various forms of microfinancing for the agricultural sector since 1969.

Meanwhile, at the event today, Ismail Sabri presented letters of offer for microfinancing to 15 micro-entrepreneurs in Negri Sembilan worth RM450,000.

Among the businesses being undertaken by them are kindergartens, food, telecommunication and agriculture. — Bernama

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