Hyundai Department Store Group will make early payments to small and medium-sized enterprises (SMEs) ahead of the Lunar New Year holiday.
This is to alleviate the burden on SMEs that are experiencing difficulties in cash management due to the prolonged economic downturn, high interest rates, and persistent inflation.
Hyundai Department Store Group announced on the 6th that it will advance payments of 324 billion won to more than 11,700 SMEs that conduct transactions with its affiliates by up to 7 days, to be paid before the upcoming holiday on the 24th.
The SMEs receiving early payments this time include about 4,500 companies that transact with Hyundai Department Store, as well as about 7,000 companies transacting with 14 affiliates such as Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, and Hyundai L&C, totaling more than 11,700 SMEs.
A Hyundai Department Store Group official said, "I hope this will help reduce the burden on SMEs that are expected to face difficulties in securing funds due to increased expenses such as employee bonuses and other costs ahead of the Lunar New Year holiday," adding, "We plan to establish various support programs for coexistence and cooperation with SMEs in the future."