How may we help you? edited
Edit Seagate Global invest our capital in materials and machinery to help local construction company awarded government contracts
TO ASSIST LOCAL MALAYSIANS CONTRACTORS
Is a program specifically designed to assist Local Malaysians contractors that were awarded contracts from the Malaysian Government.
EASY AND SAVE TIME
Contractor does not have to go through the complex and time consuming process of obtaining a bank or factoring company loan.
Kolaborasi WITH MALAY CONTRACTORS ASSOCIATIONS (PKMM)
Seagate Smart Partnership Program works closely with Persatuan Kontraktor Melayu Malaysia (PKMM) to assist its members that need funding for their project.
Seagate SPP will provide funding based on a short form application process and simple documentation.
INVEST IN MATERIALS & EQUIPMENTS
Seagate Global Trading will INVEST the purchase of Local Malaysians contractors in terms of building materials and equipment rentals or purchases.
TRUSTED AND RELIABLE
In this innovative program, the government achieve their goals by having their project completed on time. Local companies can improve their cash flow at a competitive cost. Local suppliers receive payment guarantees from SGT for orders, on behalf contractors.
Comparison Between Factoring Company, Bank Financing & Seagate SPP Program
- You are simply borrowing money you already had and invested in the project
- You must have the money first
- Company documentation needed
- At least 3 years of audited financial statements
- Application process more than 3 months and may be rejected
- Advanced/Deposit value from the project value must be 70%
- Very high cost
- Ctos CCRIS Checking required
- Investment value is based on the contractors balance sheet or financial strength
- Loan maybe rejected if contractor has bad financial record
- Project Financing structured as a loan to contractor
- Contractor must have 3 years audited accounts – no audited accounts means rejection
- Contractor to provide docs such as company docs, banks statement, LA etc. (time consuming)
- Contractor to wait 1-6 months for loan approval
- Contractor must wait 2-3 weeks for lawyer to prepare legal docs after loan approved
- Contractor to pay legal fees first before disbursement of loan ( up front cash by contractor)
- Loan is maximum 70% of contract value, balance to be financed by contractor
- Contract proceeds assigned fully to he bank. Bank will deduct their principal, interest, bank charges & all fees before giving the balance back to the contractor. contractor has no control over the balance amount
- Loan value is dependent on contractors balance sheet (financial strength), not the contract value
- Even after loan approved, bank may still delay disbursement of monies to the contractor
- Loan value approved may not be enough for working capital in the project
- Loan may be rejected if contractor has bad financial record
Our recent work
Seagate Global Trading has invested in government projects across Malaysia, by partnering up with contractors by purchasing materials on their behalf.
Malaysia government acknowledges the Seagate Smart Partnership Program to assist Local Malaysians contractors grow by providing financial support for project materials and machinery purchases.
The program provides local companies with needed construction materials and machinery on a timely basis which helps them to better utilize limited capital and increase their cash flow.The program uses the co-op volume purchasing power and the strong balance sheet of Seagate to purchase materials in bulk to help local contractors obtain better pricing from local suppliers and reputable manufacturers, while SGT guarantees the payment to the supplier, eliminating the possibility of loss by the supplier.
Get in touch
Should you have any inquiries please kindly contact us as below. It is our pleasure to assist you.