MGM introduces financial assistance program for local SME vendors
MGM China has announced the introduction of new relief measures for local SMEs, including a “Down Payment for Future Business” initiative and “14-day Fast-track Payment”, aimed at assisting those businesses facing financial difficulties due to the impact of coronavirus.
The “Down Payment for Future Business” initiative will see eligible vendors receive an advance down payment from MGM for future orders or services. The company’s local SME vendors are also set to benefit from the new “14-day Fast-track Payment”, under which MGM will pay them within 14 days upon receiving their deliverables.
MGM said it hopes these measures will increase the cash flow of SMEs, “helping them rise to the challenges ahead so that they will be able to recover when the economic condition improves.”
Grant Bowie, Chief Executive Officer and Executive Director of MGM China Holdings Limited, said, “Local SME vendors are our important business partners, and the latest financial assistance program is a testament to our confidence in them. We also strongly believe that under the leadership of the Macau SAR Government, the economy will recover after the epidemic and SMEs will stand a better chance of achieving sustainable development. “MGM goes all out to offer our local SME vendors a quick relief from the hardship, including rolling out this game-changing financial assistance program to help them keep their business afloat. We wholeheartedly hope that we can help them alleviate financial burden and ride out the storm.”
MGM has already introduced a rent-free period for all of its Macau retail tenants and launched the “MGM SME Anti-Epidemic Support” program to help clean the shops, offices, warehouses and business vehicles of 120 local SMEs over the next two months.