SHAH ALAM, Aug 2 — The Selangor State Development Corporation (PKNS) signed a memorandum of understanding (MoU) with Agrobank today, in its efforts to provide a variety of financing offers to entrepreneurs under the PKNS BizClub programme.
The MoU, involving an offer of RM25 million in entrepreneur financing over two years, was signed by PKNS chief executive officer (CEO) Datuk Mahmud Abbas, while Agrobank was represented by its president cum CEO Datuk Tengku Ahmad Badli Shah Raja Hussin, at PKNS’ headquarters.
Mahmud said about 50 companies will receive benefits with a maximum allocation of RM500,000 per financing.
“However, we expect more companies to receive the benefits because the amount of funding depends on the type and size of the business being undertaken,” he said at a press conference after the signing ceremony.
The cooperation that will be handled by the PKNS Entrepreneur Development Division (BPU) will benefit around 8,000 entrepreneurs and individuals under the agency’s umbrella, in addition to helping them open business networks.
“Today’s MoU is another PKNS effort in helping entrepreneurs under the supervision of BPU to obtain additional capital opportunities from the financing offered by Agrobank to increase productivity and output, thus doubling the company’s profits.
“In addition to the housing and industrial development sectors, PKNS always strives to meet the needs of the people, therefore PKNS through BPU always diversifies entrepreneurship programmes to help these traders start businesses and then expand their businesses to a higher level,” Mahmud said.
BPU is also looking for opportunities to explore foreign markets and bring selected entrepreneurs and their products to the international level, such as Indonesia and Hong Kong.
He said individuals and entrepreneurs who are under the PKNS umbrella and are interested in knowing more about the funding can start enquiring today.
Meanwhile, Tengku Ahmad Badli Shah said the strategic collaboration initiative is expected to benefit entrepreneurs, especially in Selangor, to obtain capital to build their businesses.
“We are confident that with the variety of financing products at Agrobank, it can provide financial solutions to target groups to venture into the agricultural sector and the entire food supply chain.
“Agrobank places great emphasis on the ability of these entrepreneurs to expand their businesses and further strengthen the economy in Selangor,” he said.
— Bernama
