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Microcredit Financing Scheme To Help Agrofood SMEs With Operating Cost

Small and Medium Enterprises (SMEs) involved in the agrofood sector affected by the Movement Control Order (MCO) can cover their operating cost through the Microcredit Financing Scheme under Agrobank, worth RM350 million at an interest rate of only 3.5 per cent.

Agriculture and Food Industry Minister Datuk Seri Dr Ronald Kiandee said this would provide more opportunities for entrepreneurs to recover their working capital to restart their businesses.

“The maximum financing amount of RM50,000 with a repayment period up to five years is done to avoid burdening agrofood entrepreneurs,” he said in a statement.

He added that the scheme was also to encourage new entrepreneurs to venture into the sector as a startup capital while also helping existing entrepreneurs, especially farmers market, fisherman’s market and morning market traders to restart their businesses after the MCO period.

On Friday, Prime Minister Tan Sri Muhyiddin Yassin announced the government’s RM350 million allocation through the Agrofood Fund loan facility to ensure the sustainability of agricultural and commodity entrepreneurs in the agriculture and food sectors under the National Economic Recovery Plan (PENJANA). – BERNAMA

BacalahMalaysia Team

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