Programme provides relief to SMEs by reducing .terms to seven days
Macau - Sands China Ltd. is launching a financial support programme for its local SME suppliers, in support of the Macao SAR government's relief package that includes eight measures to assist struggling SMEs amid the pandemic.
The 2021 SME Expedited Payment Programme aims to help all Sands China's local SME suppliers – whom the company views as its strategic partners – navigate the challenging business environment arising from the COVID-19 pandemic by easing their cash flow pressures amidst operational challenges.
The ongoing pandemic has caused economic shock waves across the globe, and SMEs are particularly vulnerable to the impact of COVID-19. Upholding the business philosophy of supporting the growth of local SMEs, Sands China proactively contacted all its SME partners by phone at the onset of the pandemic, to better understand their financial and operational challenges and needs.
After already offering advance payments and swifter invoice processing to SME suppliers in need in the aftermath of Typhoon Hato back in 2017, Sands China is once again extending additional support to local SME suppliers – with its SME support programme.
Between Nov. 1, 2021 and Jan. 31, 2022, Sands China's SME partners can apply for the 2021 SME Expedited Payment Programme in order to have their payment terms shortened from the current 30 days to seven days.
"Over the past 17 years, Sands China has been forging ahead hand-in-hand with local businesses," said Dr. Wilfred Wong, president of Sands China Ltd. "Although the pandemic has hit Macao's economy hard, especially its tourism industry, we have not forgotten our roots, and are as committed as ever to supporting local enterprises as part of our corporate social responsibility efforts. After bringing back the Sands Shopping Carnival for a second year, we are now launching this SME support programme – expected to involve up to MOP 350 million – in an effort to address the operational and financial challenges facing local SME suppliers today. And come rain or shine, we will continue to walk alongside Macao's local SMEs."
Sands China's success and the success of Macao go hand-in-hand. The company has been investing back into the community that it serves to help it thrive and grow, contributing to the development of local enterprises along the way. In 2020, 89 per cent of Sands China's total procurement amount went to Macao enterprises, demonstrating the company's commitment to supporting local enterprises as part of the company's corporate social responsibility efforts.