THREE weeks after launching a financing programme for petty traders and hawkers, Agrobank Group has received RM2.1mil in microfinancing applications from traders at farmers’ markets.
A total of 78 applications had been submitted under the Agrobank x Pasar Tani scheme since its introduction.
Agrobank president and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin said the response reflected the bank’s commitment to supporting small traders and expanding access to financing.
“This demonstrates our commitment to uplifting small traders and ensuring inclusive access to financing.
“We are targeting 1,000 applications from traders registered with the Federal Agricultural Marketing Authority (Fama).
“There are currently about 5,000 traders under Fama,” he told reporters after visiting the Bandar Tasik Permaisuri farmers’ market in Cheras, Kuala Lumpur.
He said the initiative also supported Prime Minister Datuk Seri Anwar Ibrahim’s call for banks to assist lower-income groups.
The Cheras stop was the third in a series of outreach programmes, following visits to farmers’ markets in Hulu Kelang and Petaling Jaya, Selangor.
The Bandar Tasik Permaisuri market, which operates every Saturday from 7am to noon, was selected because of its high turnout, the bank said.
It has about 70 traders and attracts around 5,000 visitors each week.
Representatives from Finance Ministry, Majlis Amanah Rakyat (Mara), National Entre-preneurial Group Economic Fund (Tekun Nasional), Amanah Ikhtiar Malaysia and several banks were also present.
Similar outreach sessions will be held at selected farmers’ markets nationwide until July.
In a statement, Agrobank said RM20mil had been allocated for the Agrobank x Pasar Tani scheme.
Last month, the bank also introduced the Agro Penjaja-i scheme to support small traders.
Aside from financing, successful applicants will also receive business advisory services and digital financial management support.
The initiative offers financing of up to RM100,000 for micro- entrepreneurs, as well as a Cashline-i credit facility of up to RM5,000.
Agro Penjaja-i account holders are also eligible for “hibah” (returns on savings) protected by Takaful insurance.
The bank said the first 3,000 new customers would also receive complimentary Takaful coverage for one year.
