LG Chem Launches Comprehensive Support to Overcome COVID-19 Crisis
Early Execution of 100 Billion KRW Financial Support for Partners
Emergency Funds Provided to Social Enterprises at LG Social Campus
Support for Essential Online School Opening Supplies for Vulnerable Youth
[Asia Economy Reporter Hwang Yoon-joo] LG Chem is launching comprehensive support activities targeting partner companies, social enterprises, and vulnerable youth to overcome COVID-19.
On the 20th, LG Chem announced that it will expedite the disbursement of a total of 100 billion KRW in financial support, including the currently operating Win-Win Fund and Innovation Growth Fund, for partner companies experiencing financial difficulties due to the prolonged spread of COVID-19.
The 'Win-Win Fund' is a low-interest loan fund worth 62.9 billion KRW established to support the operating funds of partner companies, while the 'Innovation Growth Fund' is an interest-free loan fund worth 43.2 billion KRW created to support key R&D projects of partner companies.
LG Chem plans to simplify the screening process as much as possible for partner companies urgently needing funds due to COVID-19 issues, ensuring rapid financial support within the first half of the year.
Along with this, LG Chem will actively support social enterprises and vulnerable youth.
LG Chem, together with LG Electronics, will provide a total of 200 million KRW in relief funds to social enterprises selected and operating under the eco-friendly social enterprise development program 'LG Social Campus.' For about 2,000 vulnerable youth, LG Chem plans to supply necessary items worth 300 million KRW, such as headsets required for remote classes following online school openings.
Meanwhile, LG Chem donated 100 million KRW raised through the voluntary employee fundraising campaign 'Sharing Ten Thousand Won,' jointly organized by labor and management, to small business owners and medical staff in the Daegu and Gyeongbuk regions, and is also conducting a relay blood donation campaign across 12 domestic business sites.
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Vice Chairman Shin Hak-cheol said, "To fulfill our corporate social responsibility, we will look around our surroundings to extend helping hands and join forces to overcome the crisis together."
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