Hanwha Co., Ltd. Expands Win-Win Fund to Support Partner Companies
[Asia Economy Reporter Hwang Yoon-joo] Hanwha Co., Ltd. is expanding the scale of its Win-Win Fund operation to strengthen financial support for partner companies struggling due to COVID-19.
Hanwha Co., Ltd. announced on the 15th that it has signed an additional Win-Win Fund agreement with Shinhan Bank, following the existing agreements with Woori Bank and the Korea Development Bank. The total fund amount is 20 billion KRW, with a support interest rate of 1.14% for partner companies, and additional interest rate reductions will be supported through Shinhan Bank’s subsidiary transaction performance.
With this agreement, Hanwha Co., Ltd. will operate a total Win-Win Fund worth 51 billion KRW across three financial institutions. This is expected to improve the convenience of partner companies in using the Win-Win Fund and further assist in securing management funds and improving cash flow liquidity.
To help partner companies prepare for the post-COVID-19 era, Hanwha will not only expand the operation of the Win-Win Fund but also strengthen various win-win systems. First, for partner companies that have signed a co-prosperity agreement, relaxed payment conditions will be maintained to help with cash flow.
This includes expanding the payment closing frequency to three times a month, shortening the payment deadline to 10 days, full cash payments, and early payment before holidays. Additionally, incentives such as welfare support will be provided to excellent partner companies in co-prosperity.
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Meanwhile, Hanwha Co., Ltd. completed co-prosperity agreement signings online with 157 partner companies earlier this year to prevent the spread of COVID-19. This agreement, which has been ongoing since 2018, is a system where large corporations and partner companies voluntarily agree on detailed fair trade measures, aiming to comply with fair trade laws and strengthen mutual competitiveness through win-win cooperation. The agreement includes ▲compliance with the four major practices of the Fair Trade Commission ▲fair contract conclusion and execution ▲prevention of subcontracting law violations and legal compliance ▲support for win-win cooperation in finance, technology, and management ▲operation of secondary partner support programs.
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