LG Innotek Advances KRW 150 Billion Early Payments to Partners... Joining Efforts to Overcome COVID-19

KRW 63 Billion Support for Win-Win Growth Fund Operation
KRW 85 Billion Early Payment for Delivery and Mold Costs

Chul-dong Jeong, President and CEO of LG Innotek

[Asia Economy Reporter Dongwoo Lee] LG Innotek has launched a win-win financial support program worth 150 billion KRW to assist small and medium-sized partner companies struggling due to the novel coronavirus disease (COVID-19).

LG Innotek announced on the 30th that through financial support, it plans to actively help partner companies secure stable operating funds and continue equipment investment and component development without disruption.

They will provide a 63 billion KRW-scale Win-Win Growth Fund to partner companies affected by COVID-19 and begin early disbursement starting next month. The Win-Win Growth Fund is a program that supports operating funds for partner companies using deposits as resources in connection with banks.

LG Innotek plans to relax screening criteria such as transaction scale and credit rating and greatly simplify the fund disbursement procedures so that partner companies facing difficulties due to COVID-19 can urgently utilize the Win-Win Growth Fund.

From next month, they will also make early payments of 85 billion KRW in delivery payments and mold costs to partner companies over two months. Partner companies can receive delivery payments in cash within five days after cost closing.

LG Innotek will continue to support technology, management, and education to enhance the competitiveness of partner companies. They will jointly promote partner companies' production and technological innovation projects and provide free management consulting and online/offline education.

Meanwhile, LG Innotek donated 200 million KRW to the Community Chest of Korea in mid-this month to support COVID-19 prevention and damage recovery. This donation will be used for supporting confirmed patients and providing quarantine supplies to prevent the spread of infection in local communities.

Yonggi Lee, LG Innotek's purchasing manager, said, "We will prepare and actively implement practical measures to help partner companies overcome the COVID-19 crisis."

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