[Asia Economy Reporter Seungjin Lee] 11st has decided to provide early payment worth 5 billion KRW for 161 small and medium-sized partner companies and suppliers.
On the 9th, 11st announced that it has prepared a practical win-win plan to help small and medium-sized enterprises struggling due to the spread of the novel coronavirus infection (COVID-19) secure liquidity through early payment.
11st will advance the payment for April, which is normally received the following month, together with the March payment for 69 small and medium-sized partner companies that have operation and maintenance contracts with monthly payment terms.
Additionally, for 92 one-time suppliers who receive payments on a fixed monthly settlement date, the payment method will be changed to on-demand payment, shortening the payment period from the existing 4 days to up to 18 days.
The early payments amount to approximately 5 billion KRW. 11st has quickly completed system setup and will notify the relevant companies about the early payment details and amounts, implementing early payments within March. Depending on the prolongation of COVID-19, 11st plans to extend and implement additional win-win measures.
Lee Sang-ho, CEO of 11st, stated, “We will continue to consider win-win measures with our small and medium-sized partner suppliers and strive to overcome this difficult time together.”
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