"Let's Overcome the COVID-19 Crisis Together" LGU+ Provides 85 Billion KRW Support to Partners and Others

Early Payment of Delivery Fees to Small and Medium Partners Increased to 4 Times
Companion Growth Fund Expanded to 75 Billion Won for Low-Interest Support to Partners
Agency Support Fund Set at 3.4 Billion Won and Alley Market Win-Win Project to Be Expanded

An employee of Samji Electronics, a member of the LG Uplus Win-Win Growth Board, is testing a 5G in-building repeater.

[Asia Economy Reporter Han Jinju] LG Uplus has prepared a support package worth 85 billion KRW to assist partner companies and local small businesses struggling due to the spread of the novel coronavirus infection (COVID-19). The company has taken steps to pay delivery fees early to small and medium-sized partners and has also rolled up its sleeves to support local small businesses, small merchants, and dealerships. Additionally, 100 mobile phones were provided to medical staff in Daegu and Gyeongbuk.

On the 5th, LG Uplus announced that it would urgently implement a support package worth 85 billion KRW to actively participate in government policies aimed at overcoming the national crisis and to fulfill its social responsibilities as a telecommunications operator.

To support small and medium-sized partners facing difficulties due to COVID-19, LG Uplus decided to pay delivery fees early up to 50 billion KRW. The frequency of purchase and construction payment settlements through small and medium-sized partners will also increase from 2-3 times a month to 4 times a month. This early payment and shortened settlement period aim to help smooth production and operations of small and medium-sized partners.

LG Uplus will increase the win-win growth fund, which provides low-interest loans using interest-free deposits in cooperation with Industrial Bank of Korea, from the existing 50 billion KRW to 75 billion KRW. As a result, the total win-win growth fund will expand from 80 billion KRW to 105 billion KRW. The scope of exemption for issuing guarantee insurance has also been lowered from the previous credit rating standard of 'BB- or higher' to 'B- or higher.' This measure is intended to reduce the cost burden on small and medium-sized partners caused by insurance issuance and to ease the guarantee insurance issuance process.

To support medical staff in Daegu and Gyeongbuk who are making every effort to prevent the spread of COVID-19, LG Uplus provided 100 LTE smartphones to Daegu City Hall on the 2nd. The delivered phones will be used by medical staff in Daegu and Gyeongbuk for managing confirmed COVID-19 patients and consultations, with both the devices and usage fees fully covered by LG Uplus. LG Uplus explained, "Currently, medical staff in Daegu and Gyeongbuk are managing consultations and patient care using their personal phones, which causes difficulties; this support aims to resolve those issues."

About 10 billion KRW will be invested to support local small businesses, small-scale self-employed merchants, and dealerships nationwide. The 'U+ Road' coexistence project, which supports local businesses suffering from decreased visitors, will be significantly expanded to traditional markets and old downtown commercial areas. U+ Road is a partnership program that offers LG Uplus mobile customers up to 50% discounts, buy-one-get-one-free benefits, and prize events, applying franchise store partnership benefits to local small businesses.

Operating funds provided to 2,000 dealerships nationwide, including those in Daegu and Gyeongbuk, will be increased from 2.5 billion KRW to 3.4 billion KRW. Additionally, 1.4 billion KRW worth of quarantine supplies such as masks and sanitizers will be supported. LG Uplus plans to prepare various additional support measures, including providing its own products like the ‘Sajangnim Package’ to small merchants.

Ha Hyun-hoe, Vice Chairman of LG Uplus, stated, "LG Uplus will continue to actively implement stringent self-help measures for COVID-19 infection prevention and various social support measures to overcome this crisis as quickly as possible."

This content was produced with the assistance of AI translation services.