MGM China has announced a new SME Relief Program to help local businesses affected by the typhoon get back on track and recover from resulting damages.
In a press release issued on Wednesday, MGM said it recognized that its SME vendors have been adversely affected and had conducted a survey to help assess impact on their businesses. The survey covered over 220 of MGM’s SME vendors, all under the categories of micro SMEs, young entrepreneurs and Made-in-Macau “as they are most susceptible to losses brought by the typhoon.”
MGM’s SME Committee then held a meeting to review the survey results and formulated the MGM SME Relief Program, which aims to provide continuous support and reduce operating pressure of those affected. During the meeting, individual members of the committee also provided industry and sector updates on the impact of the typhoon and offered recommendations to maximize benefits for SMEs.
The program consists of comprehensive measures that addresses short, mid and long-term needs of SMEs. The initiative includes expedited payment processing and upfront payment to alleviate cash flow needs, logistics support and assistance with minor to major damages.
Mr. Grant Bowie, Chief Executive Officer and Executive Director of MGM China Holdings Limited said, “Through our survey, we understand that over 60% of our SME vendors have suffered losses in this typhoon. The government has been quick to respond to our local SME’s immediate needs, and therefore, we will utilize our collective pledge as additional support since the rebuilding will take time. Through the SME Relief Program, we are able to provide immediate assistance to our vendors, and continue in assisting them in the long-run of a sustainable recovery.”
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