If You Are a Sales King CEO... 11st Expands SME Loan Limit to 50 Million Won

'E-commerce Factoring' Operating Fund Service
Utilizing Non-Financial Data Such as Sales Performance
for Credit Evaluation... Used for 9 Months

[Asia Economy Reporter Cha Min-young] 11st announced on the 23rd that it will expand the operating fund service limit of '11st E-commerce Factoring,' a service for small and medium sellers on 11st, from the existing 30 million KRW to 50 million KRW.

The service, launched in collaboration with 11st, SK Telecom, and Hyundai Capital, is a product designed to provide better benefits to small and medium sellers by utilizing non-financial data such as mobile communication and e-commerce for credit evaluation.

Small and medium sellers on 11st can receive operating funds based on up to six months of estimated amounts derived from 11st sales data. The payment limit has been expanded to a maximum of 50 million KRW to encourage sellers to actively participate in 11st's largest shopping festival, the 'Sib-iljeol Festival.'

Since the amount is calculated based on sales performance on 11st, sellers whose credit limits at financial institutions are fully utilized can also use this service. It does not affect credit ratings. During the usage period of up to nine months, repayment is automatically made through 11st sales settlements.

Additionally, 11st will return 1.1% of the usage amount as 11st Seller Points to sellers who apply for the operating fund service by November 30. Up to 550,000 points will be provided, and Seller Points can be used by sellers to pay for various service fees on 11st. Furthermore, an interest-free early settlement service is also offered, allowing sellers to receive payments about 10 days earlier than regular settlements.

Small and medium sellers who wish to use the service can apply by authenticating their membership on 11st's seller-exclusive site 'Seller Office' and then following the instructions to apply on Hyundai Capital's application page.

Park Hyun-soo, head of 11st Corp Center, stated, “We are supporting sellers who work with 11st by providing favorable financial services through E-commerce Factoring,” and added, “We expect this to be an opportunity for small and medium sellers to participate in the November e-commerce shopping festival, Sib-iljeol Festival, which will be held on the largest scale ever, without worrying about funds.”