Hyundai Department Store Group, Early Payment of Settlement Amounts to SMEs with Financial Difficulties

Payment as early as a week in advance
Scheduled for the 8th of next month, before Seollal

[Asia Economy Reporter Cha Min-young] Hyundai Department Store Group will advance the payment of settlement funds to small and medium-sized partner companies ahead of the Lunar New Year holiday. This is to help partner companies struggling with financial management due to the economic downturn and the prolonged COVID-19 pandemic.

On the 17th, Hyundai Department Store Group announced that it will advance the payment of 306.4 billion KRW in settlement funds to about 4,500 small and medium-sized partner companies that transact with group affiliates by up to 7 days earlier than the original payment date.

Hyundai Department Store Group will pay the settlement funds to small and medium-sized partner companies transacting with 12 affiliates, including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, Hyundai Department Store Duty Free, Hyundai L&C, and Hyundai Rental Care, by the 8th of next month, before the Lunar New Year holiday. The small and medium-sized partner companies benefiting from this include about 1,000 companies dealing with Hyundai Department Store, totaling approximately 4,500 small and medium-sized partner companies.

A Hyundai Department Store Group official said, “We decided to advance the payment of settlement funds to small and medium-sized partner companies expected to face difficulties in financing due to increased expenses such as employee bonuses ahead of the Lunar New Year holiday,” adding, “We will continue to prepare support measures that can practically help our partners and strengthen our win-win partnership.”

Meanwhile, Hyundai Department Store plans to support interest-free loans worth 6 billion KRW for small and medium-sized partner companies whose financial conditions have worsened due to the prolonged COVID-19 pandemic.