Financial aid for SMEs affected by Terengganu floods

KUALA TERENGGANU: Small- and medium-sized enterprises affected by floods in the state are being thrown a lifeline by SME Corp Malaysia.

State Rural Development, Entrepreneurship, Cooperative and Consumerism Committee chairman Nawi Mohamad said entrepreneurs who suffered losses could apply for emergency assistance.

“(Assistance will be in the form of) financial aid or forms deemed suitable by SME Corp, through the Malaysian Industrial Development Finance. We want to alleviate the burden of entrepreneurs, many of whom do not have other channels to seek assistance.”

He said a fund was established for victims of the monsoon floods.

Nawi was speaking at the Terengganu Entrepreneurs Carnival here. Present was Terengganu SME Corp director Muhammad Ibrahim.

Nawi said the fund was a proactive measure by SME Corp and the state government to ensure that businesses were not affected by floods.

He said the fund could be disbursed via an easy repayment loan scheme or a grant.

“They can use this emergency financial aid to purchase machines, equipment, raw materials and stock or renovate their damaged business premises.”

He said eligible entrepreneurs could apply for emergency loans between RM50,000 and RM100,000, while emergency grants could be obtained for up to RM20,000.

He said last year, RM160,000 worth of emergency grants were disbursed to 16 SMEs in Terengganu.