Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the government is allocating a sum of RM50 million under the PEMULIH NewBiz financing scheme, set specifically for eligible Malaysians who want to start a home-based food business. The scheme is to be provided through Agrobank.

According to Datuk Seri Ismail Sabri, eligible individuals can apply for the PEMULIH NewBiz financing to purchase necessities for their micro businesses. These include machines for cooking, and motorcycles for food delivery through e-hailing platforms. 

The prime minister also explained that the collateral-free financing will be offered in two stages: up to RM5,000 during the first stage, and up to RM10,000 in the second stage. Borrowers will be entitled to a loan moratorium for the first six months, while a 3% profit rate will be charged for the subsequent months. Meanwhile, the maximum financing period for the loan is up to 60 months or five years.

To apply for the PEMULIH NewBiz financing scheme, you must be a Malaysian citizen aged between 18 and 65 years old, belonging to any of the following categories: 

• Individuals who have been unemployed from March 2020;
• University or college graduates who have completed their studies from March 2020, but have not been employed, or do not have a stable job;
• Asnaf (individuals who are eligible to receive zakat). 

If you meet the requirements, you may apply for the financing scheme at any Agrobank branch. 

Aside from announcing the fund allocation for PEMULIH NewBiz, Datuk Seri Ismail Sabri also stated that Agrobank will soon establish a special investment entity for the agricultural sector. This is intended to boost domestic investment in the agro-food sector within the country. 

“The government will continue to play an effective role with the cooperation of all parties in guaranteeing the supply of sufficient and safe food at reasonable prices on an ongoing basis for the well-being of the Malaysian Family,” the prime minister further remarked, adding that it falls upon the whole Malaysian Family to strengthen food security within the country and to transform the agro-food sector. 

(Sources: Malay Mail, Agrobank [1, 2])

• TAGS:
• Agrobank
• Datuk Seri Ismail Sabri
• MSMEs
• PEMULIH NewBiz