Lotte to Advance Payment of 660 Billion KRW to Partner Companies
[Asia Economy Reporter Lim Chunhan] Lotte announced on the 12th that it will advance the payment of 660 billion KRW to its partner companies ahead of the Lunar New Year.
Lotte Department Store, Lotte Construction, Lotte Chemical, and 29 other companies are participating, and approximately 15,000 partner companies are expected to benefit. The payment for deliveries will be completed by the 26th, about 11 days earlier than usual.
Since 2013, Lotte has been advancing payments to help partner companies manage their funds before holidays. Additionally, it operates a win-win growth fund worth about 1 trillion KRW, providing loan benefits to partner companies.
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Oh Seohee, CEO of Monte Milano, a partner company of Lotte Shopping, said, “During a difficult time for smooth business operations due to the impact of COVID-19, this decision has eased the securing of funds,” adding, “It has relieved the burden of encouraging employees to have a warm holiday.”
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