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aws全区号(www.2km.me)_Insight - SMEs incur extensive damage from floods

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OF the 35% of small and medium-sized enterprises (SMEs) in Kuala Lumpur and Selangor, the most severely affected by floods are those in Klang, Shah Alam and Ulu Langat.

While a few commercial banks and the Credit Guarantee Corp (CGC) have come up with disaster relief loans, online marketplaces like Shopee and Lazada can also create a digital space for those affected SMEs to sell their products.

Many of these SMEs had to stop business until today; factories are badly damaged with machineries covered by mud.

Stocks, especially raw materials, cannot be used anymore; many imported stocks are stuck in Port Klang with their quality in question.

Many farms were destroyed by the flood, and businesses with contracts to supply vegetables have to buy from third parties.

“The cost of doing business has gone higher; capital investment required to replenish new machineries and stocks is a burden to SMEs,’’ said SME Association of Malaysia national president HS Ding.H.S. Ding, national president, SME Association of Malaysia

At RHB Bank Bhd, applications for aid amounted to RM46mil as at end-December, 2021, said RHB group community banking managing director Jeffrey Ng.

To date, a total of 69 affected customers have been identified by Bank Islam Malaysia Bhd’s SME banking and commercial teams.

“They are located in flood areas in the Klang Valley, Pahang and Kelantan; we expect to receive their applications for assistance beginning January 2022,’’ said Bank Islam group CEO Mohd Muazzam Mohamed.

Bank Islam has a loan moratorium of up to six months for customers affected by floods.

Many SMEs are still reviewing their immediate recovery efforts. Those who have called in to OCBC Bank (M) Bhd were given options which include CGC’s BizJamin70 (with a 70% guarantee by CGC), said OCBC head of emerging business, Wong Chee Seng.The floods had severely hit SMEs in Sri Muda, Shah Alam, where operations were also disrupted by a sub-station explosion.

“We are currently on a Tenaga Nasional Bhd mobile generator and have many issues to deal with involving insurance, claims, repair works, trouble-shooting as well as hygiene and sanitation works to adhere to Covid-19 standard operation procedures,’’ said Small and Medium Enterprises Association (Samenta) southern chairman, Louis Ooi.In terms of asset losses, the most important are those work-in-progress and clients’ materials that are due for delivery; these can possibly incur liability costs.

Overall asset losses cover goods and stocks, furniture and fittings, machinery and instruments, electrical fittings and wiring, vehicles and parts, hardware and software as well as documents and records.

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