SME Corp channels RM1.3m to SMEs affected by Terengganu floods

Entrepreneurship, Rural Development, Consumerism and Cooperatives Committee chairman, Roslee Daud said SME Corp Terengganu has identified 43 entrepreneurs from Dungun and Kemaman who were badly hit by the floods.

"All of them will receive grants of between RM20,000 and RM100,000 each depending on the extent of damage incurred by them.

"Besides, SME Corp Terengganu has also received request for financial assistance from 35 SMEs operating in other districts and assistance will be given to help them continue with their operations," he told reporters after officiating a flood assistance programme organised by SME Corp, state government and the Malaysian Red Cresent Society.

The SME Emergency Fund (SMEEF) was established by SME Corp Malaysia and Malaysia Industrial Development Finance (MIDF) as a proactive move by the government to help SMEs whose business were badly affected by the floods.

Meanwhile, SME Corp Terengganu Director Muhammad Ibrahim said SMEEF was established to assist SMEs whose business were adversely affected by natural disasters.

The fund provides soft loan financing for purchases of machinery and equipment, refurbishment of premises, and working capital requirements such as purchases of raw materials and consumables.

Funds are channeled by the government via SME Corporation Malaysia to MIDF for implementation.

"We are still accepting applications which is open for at least one year after the disaster," he said.