"Overcoming COVID-19" KT Provides 104 Billion KRW Support to Distribution Network and Partners

[Asia Economy Reporter Koo Chae-eun] KT is launching a total of 104 billion KRW in mutual growth support to help nationwide distribution networks and partner companies struggling with business due to the spread of the novel coronavirus infection (COVID-19).

According to KT on the 5th, the direct support plan targets about 1,400 dealerships nationwide facing a decrease in visitors and sales. Approximately 8 billion KRW in policy support funds will be additionally provided to secure liquidity. Combined with the approximately 5 billion KRW monthly rent and business policy support funds announced on the 1st, the total amounts to about 13 billion KRW. To ensure the safety of customers visiting stores, quarantine supplies such as quarantine kits, masks, and disinfectants will also be provided.

A KT official stated, “We have been implementing practical support measures for distribution networks and small and medium-sized partner companies since last month to actively participate in overcoming the national crisis caused by the spread of infectious diseases,” and added, “As a national company, we will fulfill our social responsibility and actively support small business owners facing difficulties due to COVID-19.”

As a financial support measure, KT will extend the payment deadline for approximately 24.1 billion KRW of mobile phone purchase payments from dealerships. About 15 billion KRW will be provided for dealership operating funds.

KT is also implementing support plans for small and medium-sized partner companies in addition to distribution network support. First, a total of 44 billion KRW, including 36 billion KRW in construction payments and 8 billion KRW in material payments scheduled for March, will be paid in advance. These payments were originally scheduled for the 13th and 24th of this month, respectively, but are being paid early to help partner companies smoothly circulate funds. Additionally, KT plans to support loan interest reductions for partner companies by utilizing the 100 billion KRW mutual growth cooperation fund established in 2017. Including the approximately 2.4 billion KRW rent reduction for small business tenants in KT buildings announced earlier on February 27, the total support amounts to 46.4 billion KRW.

KT group companies are also preparing various support measures for small businesses, providing about 5.5 billion KRW in support. BC Card supports about 4.5 billion KRW, including interest-free installment benefits to revitalize sales at small merchant stores and reduced loan interest rates for merchants. Smartro, a payment specialist company and subsidiary of BC Card, supports about 1 billion KRW, including discounts on card payment terminals for dealerships. Additionally, KTIS and KTCS plan to implement a 'free mobile number registration service' to support marketing for small business owners.

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