Hyundai Department Store Group pays 213.3 billion won in payments to partners ahead of the holidays… “Continued support for shared growth”

Policies to reduce the burden on small and medium partners

Hyundai Department Store Group will pay 213.3 billion of payments earned early before the Chuseok holiday. This measure aims to reduce the burden on small and medium-sized partners who have difficulty managing money due to high interest rates and rising prices.

Hyundai Department Store Group announced on the 20th that it plans to pay payments to approximately 9,500 small and medium-sized partners trading with group affiliates on the 10th of next month, ahead of the Chuseok holiday , up to 10 days ahead of schedule.

Among those eligible for early payment are 6,900 partners doing business with 13 affiliates, including Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, and Hyundai L&C, plus on 2,600 partners doing business with Hyundai Department Store.

An official from Hyundai Department Store Group said, “We decided to make the payment early because small and medium-sized partners are expected to have difficulty raising funds before the Chuseok holiday.” “We plan to continue preparing various support programs for shared growth with small and medium-sized partners.”

Hyundai Department Store Group operates various systems to help small and medium-sized partners manage their assets. Hyundai Department Store has been implementing an interest-free loan system worth KRW 6 billion annually since 2014, and Hyundai Home Shopping has been providing free funds needed for product and technology development for small and medium businesses since 2013.

Kim Sang-jun, Donga.com reporter [email protected]