LGU+ to Advance Payment of 20 Billion KRW to Partners Ahead of Lunar New Year

[Asia Economy Reporter Oh Su-yeon] LG Uplus announced on the 11th that it will pay 20 billion KRW of delivery payments 100% in cash in advance so that small and medium-sized partner companies can secure stable cash liquidity ahead of the upcoming Lunar New Year.

Since 2014, LG Uplus has been promoting mutual growth with partner companies by making early payments of delivery payments before the Chuseok and Lunar New Year holidays. The cumulative amount of early payments made over the past 10 years until the end of last year reached 340 billion KRW.

This early payment fund will be paid to partner companies responsible for delivering wireless repeaters, wired network equipment, network construction, IT development, and operations. Partner companies can use the early secured funds for new product production, facility investment, and research and development costs.

For mutual growth, LG Uplus supports partner companies with interest-free loans for funds needed for new product development, productivity improvement, and quality enhancement. In addition, together with IBK Industrial Bank, LG Uplus operates the 'Mutual Growth Fund,' which allows small and medium-sized enterprises to borrow operating funds at low interest rates, and the 'Network Loan,' which allows borrowing operating funds before delivery.

Furthermore, LG Uplus supports the growth of partner companies through consulting programs that comprehensively support productivity improvement of small and medium-sized enterprises, the ‘5G Innovation Lab’ that supports the development of new services and devices based on 5G technology, and the ‘Partner Proposal Day,’ where small and medium-sized partners can propose ideas for communication equipment or solution development and are guaranteed a certain level of purchase for products adopted after review.

Kim Jong-seop, head of mutual growth and procurement at LG Uplus, said, “We expect that early payment of funds ahead of the holiday will secure liquidity for partner companies,” and added, “As a top company in the mutual growth index, we will continue to achieve mutual growth and coexistence with our partners.”

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