LG announced on the 13th that it will pay its suppliers up to 22 days in advance of the Lunar New Year holiday to participate in stimulating the domestic economy.

View of LG Group headquarters in Yeouido, Seoul. /Courtesy of LG Group

According to an LG Group official on this day, nine affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus, LG CNS, and D&O, have decided to pay a total of 1.5 trillion won in early payments to suppliers and local communities before the Lunar New Year.

In addition to early payments, LG affiliates are running a financial support program worth 1.23 trillion won that includes win-win cooperation funds and direct loans to help suppliers obtain financing at low interest rates.

LG Electronics operates a win-win cooperation fund worth a total of 300 billion won with deposits and grants from commercial banks, providing low-interest loans to suppliers in need of operating funds. It also provides up to 40 billion won annually at zero interest to suppliers requiring investment in new and automated facilities.

LG Innotek operates a win-win growth fund worth 143 billion won, directly assisting suppliers with financing, while LG Energy Solution established a 150 billion won investment support fund in 2020 to provide financial support such as interest discounts for small and medium-sized enterprises.

Additionally, LG affiliates plan to share warmth by delivering daily necessities such as household goods and food to local neighbors for the Lunar New Year.

LG Electronics plans to donate a total of 3,000 kg of kimchi to 10 villages with which it has sisterhood ties, and to donate a total of 1,000 kg of kimchi to shelters for vulnerable groups such as children and the elderly through the Korean National Social Welfare Council.

LG Display will deliver daily necessities and heating supplies to local neighbors and marginalized groups in Paju and Gumi, while LG Chem will do so in Yeosu and Daesan.

LG Household & Health Care has decided to donate household goods, cosmetics, and beverages to women's youth facilities and welfare centers for the elderly nationwide.

LG HelloVision will conduct a 'donation market' campaign with customers. The donation market is a social contribution activity in which customers purchase our agricultural products through LG HelloVision's local channel commerce, 'Seasonal Market,' accumulating 1,000 won in donations for each transaction. LG HelloVision plans to deliver the donations matched during the second half of last year to local welfare organizations, providing food packages to 150 households at risk of food insecurity this Lunar New Year.