Hyundai Department Store Group to Advance Payment of 324 Billion KRW to Small and Medium Partners Ahead of Lunar New Year

Hyundai Department Store Group announced on the 6th that it will make early payments of 324 billion KRW to over 11,700 small and medium-sized partner companies ahead of the Lunar New Year holiday.

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The small and medium-sized partner companies receiving early payments include about 4,500 companies trading with Hyundai Department Store, as well as about 7,000 companies trading with 14 affiliates such as Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, and Hyundai L&C. Payments to these companies are scheduled to be made by the 24th, before the Lunar New Year holiday, up to 7 days earlier than planned.

A Hyundai Department Store Group official said, "We hope this will help reduce the burden on small and medium-sized partner companies, which are expected to face difficulties in securing funds due to increased expenses such as employee bonuses ahead of the Lunar New Year holiday," adding, "We plan to continue preparing various support programs for win-win cooperation with small and medium-sized partner companies."

Meanwhile, Hyundai Department Store Group operates various systems to assist the smooth financial management of small and medium-sized partner companies. Since 2014, Hyundai Department Store has been operating an interest-free loan program worth 6 billion KRW annually for small and medium-sized partner companies, and since 2013, Hyundai Home Shopping has been providing free support for funds needed for product or technology development to small and medium-sized enterprises.

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