Hyundai Department Store Group to Advance Payment of 750 Billion KRW to Small and Medium Partners Before Chuseok

To 16,000 Partner Companies Trading with 12 Affiliates Including Department Stores, Home Shopping, and Green Food
"Hoping to Help Small and Medium Partner Companies Struggling with Economic Downturn and Prolonged COVID-19 in Managing Funds"

[Asia Economy Reporter Kim Yuri] Hyundai Department Store Group announced on the 24th that it will make early payments of settlement funds to small and medium partner companies ahead of the Chuseok holiday. This is to assist small and medium partner companies facing difficulties due to the economic downturn and prolonged COVID-19 pandemic in managing their funds.

Hyundai Department Store Group stated that it will advance the payment of 750 billion KRW in settlement funds to about 16,000 small and medium partner companies trading with group affiliates by up to 20 days earlier than the original payment date.

Hyundai Department Store Group will pay the 750 billion KRW settlement funds to small and medium partner companies trading 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, ahead of schedule on the 10th and 16th of next month, before the Chuseok holiday. The small and medium partner companies benefiting from this include about 5,000 companies trading with Hyundai Department Store, totaling approximately 16,000 small and medium partner companies.

A Hyundai Department Store Group official said, "Ahead of the Chuseok holiday, we decided to advance the payment of settlement funds to small and medium partner companies expected to face difficulties in raising funds due to increased expenses such as employee bonuses," adding, "We will continue to prepare support measures that can practically help our partners and strengthen our win-win partnership."

Meanwhile, in addition to this early payment of settlement funds, Hyundai Department Store has been operating an interest-free loan system since 2014 to assist the fund management of small and medium partner companies it trades with. The annual scale is 6 billion KRW, with 2.1 billion KRW supported in the first half of this year, and 3.9 billion KRW planned to be supported to small and medium partner companies in the second half of this year. Partner companies wishing to apply for loans can apply to Hyundai Department Store’s Win-Win Growth Team from the 1st to the 14th of next month, and payments will be made collectively on October 11th.