Floods: FMM estimates business losses of more than RM200 million in northern states

11-Nov-2017 Intellasia | New Straits Times | 6:00 AM Print This Post

The Penang branch of the Federation of Malaysian Manufacturers (FMM) estimates that business losses of more than RM200 million were caused by the recent flood in the northern states.

Its chair Datuk Dr Ooi Eng Hock said more than 1,000 manufacturers were affected.

“So, we are working together with other government agencies such as the Penang Small and Medium Enterprise Corporation (SME Corp), Malaysian Industrial Development Finance Bhd (MIDF) to assist those affected by floods.

“We have set up a help desk to assist SMEs to apply for grants and soft loans to assist them in rebuilding their businesses. SME Corp and MIDF, through their emergency funds, can provide RM20,000 and RM100,000 soft loans and grants, respectively, to those affected by the floods.

“The SMEs need to bring images of the damages suffered, police reports and business licences to our branch, or they can go straight to the nearest SME Corp offices to apply,” he told reporters.

Ooi said this initiative was a part of the federation’s prompt action to boost manufacturing recovery after the major floods.

He said FMM would continue to play its role in assisting its 3,000 members and non-members in the state.

“We would also like to thank the government for its prompt action in assisting the business sector, especially SMEs,” he said.



Category: Malaysia

Print This Post