Public Home Shopping Surpasses 100 Million Won in 'Good Prepayment' Initiative

Support for Liquidity of Funds for Small and Medium Enterprises Facing Difficulties Due to COVID-19

[Asia Economy Reporter Kim Cheol-hyun] Gongyoung Home Shopping announced on the 12th that it has early disbursed 100 million won targeting partner companies and nearby small business owners by participating in the Ministry of SMEs and Startups' 'Good Prepayment' campaign.

Gongyoung Home Shopping carried out advance payments of broadcast sales proceeds and service fees, as well as prepayments to nearby small business owners and self-employed stores to support small and medium-sized enterprises facing difficulties due to the novel coronavirus infection (COVID-19).

The advance payment of broadcast sales proceeds is a policy implemented by Gongyoung Home Shopping since April to support the cash flow of small partner companies. With the implementation of the advance payment policy, the sales proceeds settlement cycle was changed from every 10 days to daily. Instead of paying three times a month on the 10th, 20th, and the end of the month, payments are now made as needed the day after delivery is completed, regardless of the number of times. Through the sales proceeds settlement shortened by up to 15 days, partner companies can secure cash liquidity.

After the implementation of the advance payment policy, on the 4th, Nature, which sold the 'Cleaning Master Cleaner Set,' applied for advance payment and received about 70 million won. The partner company was able to use the funds secured through the advance payment for urgent purposes such as purchasing raw and subsidiary materials.

In addition, Gongyoung Home Shopping is actively participating in the 'Good Prepayment' campaign by making prepayments to small business owners and self-employed people in the surrounding commercial area and paying entrusted service fees in advance. Prepayments were made to 10 nearby restaurants, and entrusted service fees such as disinfection and sterilization were also paid in advance. Going forward, prepayments for small and medium-sized enterprises will continue, including early disbursement of office supply purchase costs.

A Gongyoung Home Shopping official said, "We hope that participation in the 'Good Prepayment' campaign will help overcome the unprecedented crisis caused by COVID-19," and added, "Gongyoung Shopping will continue to actively implement policies to support small and medium-sized enterprises and small business owners."

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