Agrobank launches Agro TERAS microfinancing programme

KUCHING: Agrobank has launched the Agro TERAS microfinancing programme to help micro-entrepreneurs from the bottom 40 per cent of household income group (B40) involved in agriculture and agro-based businesses.

Its chairman, Tan Sri Mohamad Zabidi Zainal said the programme was aimed at providing funding to microentrepreneurs in groups to enable them expand their agrobased businesses.

He said the funding would be given in phases, starting with the first loan of RM5,000 before being gradually increased up to RM30,000 based on the applicant’s affordability and records.

“From records, the programme is able to reach the target group,” he said at the launch of the Agro TERAS microfinancing programme at Kampung Muara Tebas here yesterday.

The event was officiated by Ministry of Modernisation of Agriculture, Native Land and Regional Development’s permanent secretary Buckland Bangik who represented Deputy Chief Minister Datuk Amar Douglas Uggah Embas.

Mohamad Zabidi said as Agro TERAS programme participants comprised B40 groups earning an average annual gross income of RM32,000 or RM2,300 per month, Agrobank hoped the financing would help raise their standards of living.

He said Sarawak was chosen as the pioneer of the funding programme during the first phase of its implementation and so far 646 applications had been received since it was first offered in March. — Bernama