Hyundai Department Store Group to Advance Payment of 522.5 Billion KRW to Small and Medium Partner Companies

[Asia Economy Reporter Seungjin Lee] Ahead of the Chuseok holiday, Hyundai Department Store Group will make early payments of settlement funds to its small and medium-sized partner companies. This is to help the financial operations of small and medium-sized partners who are suffering from double hardships due to the spread of the novel coronavirus infection (COVID-19) and consecutive typhoon damages.

On the 14th, Hyundai Department Store Group announced that it will advance the payment of 522.5 billion KRW in settlement funds to about 10,800 small and medium-sized partner companies trading with group affiliates by 5 to 20 days earlier than the original payment date.

Hyundai Department Store Group will pay 386.6 billion KRW in settlement funds to small and medium-sized partners trading with six affiliates?Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, and Hyundai Department Store Duty Free?on the 25th, ahead of the original payment date (the 30th of every month). The small and medium-sized partners benefiting this time include about 3,400 companies trading with Hyundai Department Store, totaling around 10,000 small and medium-sized partner companies.

A Hyundai Department Store Group official explained, “We decided to make early payments of settlement funds to help the financial operations of small and medium-sized partners ahead of the Chuseok holiday,” adding, “The payment date was determined considering that most partners have various expenses such as salaries, bonuses, and raw material payments concentrated on the 25th.”

Prior to this, on the 10th, Hyundai Department Store Group advanced the payment of 135.9 billion KRW in settlement funds by 20 days from the original payment date (the 30th of every month) to about 800 small and micro partner companies trading with Hyundai Department Store and Hyundai Department Store Duty Free.

Meanwhile, Hyundai Department Store is providing interest-free loans to small and medium-sized partners whose financial conditions have worsened due to the recent economic downturn. With an annual scale of 6 billion KRW, 3.5 billion KRW has been supported so far, and 2.5 billion KRW will be provided through screening this time. Small and medium-sized partners wishing to apply for loans can apply to Hyundai Department Store’s Win-Win Growth Team by the 17th, and payments will be made collectively on the 12th of next month.