It has been announced today that an American hospitality and entertainment firm; MGM Resorts International through its subsidiary MGM China Holdings Limited, has introduced a financial assistance program for Small and medium-sized enterprises.
Reportedly, the program has been introduced as a relief measure for local organisations who are facing difficult financial operations due to the coronavirus outbreak.
The programs include Down Payment for Future Business and 14-day Fast-track Payment, both self explanatory measures that mean MGM China will provide selected advance down-payments and / or pay local businesses within a fourteen day turnaround.
The firm said that the aim of the measures is to help small businesses boost their cash flow at this difficult time by ‘helping them rise to the challenges ahead so that they will be able to recover when the economic condition improves.’
Chief Executive Officer and Executive Director of MGM China Holdings Limited Grant Bowie commented on the introduction of the program:
“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.”
Bowie elaborated on the importance of small local firm’s staying afloat and the reasons for introducing the measures:
“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.”
The news comes after the introduction of MGM’s rent free period, whereby all of its retail tenants in Macau will be able to operate rent free until business recovers following the coronavirus crisis.