Hyundai Department Store Group to Advance Payment of 540 Billion KRW to Small and Medium Partner Companies

[Asia Economy Reporter Lim Chun-han] Hyundai Department Store Group announced on the 5th that it will advance the payment of settlement funds to small and medium-sized partner companies ahead of the Lunar New Year holiday. This is to help small and medium-sized partners who are struggling due to the economic downturn and the aftermath of COVID-19 manage their finances.

The payment of 540 billion KRW to small and medium-sized partners trading with 12 affiliates including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, Hyundai Department Store Duty Free, Hyundai L&C, and Hyundai Rental Care will be made earlier than the original payment date, on the 26th, before the Lunar New Year holiday. A total of about 7,300 small and medium-sized partner companies will benefit from this.

A Hyundai Department Store Group official said, “We decided to advance the payment of settlement funds to small and medium-sized partners who are expected to face difficulties in financing due to increased expenses such as employee bonuses ahead of the Lunar New Year holiday,” adding, “We plan to continue growing together with our partners through various win-win systems.”

Meanwhile, in addition to this early payment of settlement funds, Hyundai Department Store has been operating an interest-free loan system since 2014 to help small and medium-sized partners manage their finances. The amount to be paid this year is about 6 billion KRW, and partners wishing to apply for interest-free loans can apply to the Hyundai Department Store Win-Win Growth Department from the 24th of this month until the 11th of next month, with payments made collectively on March 10.

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