CJ Group said on the 21st that it will make early payments of 300 billion won in settlement funds to small and midsize partner companies ahead of the Chuseok holiday.
Five major affiliates, including CJ CheilJedang, CJ Olive Young, CJ Logistics, CJ Freshway, and CJ OliveNetworks, will participate, and about 3,800 small suppliers will receive payments early.
Early payments will be made from the 26th until before the Chuseok break, and on average the funds will be paid about two weeks to a month earlier than the original due date.
A CJ Group official said, "We decided to pay supplier settlement funds early to boost domestic demand and promote mutual growth with partner companies," and added, "We hope this helps ease the temporary financial burden on small partners during the holiday season."
CJ Group is also making various efforts for co-growth with small partner companies. CJ Olive Young, with more than 80% of its total products coming from domestic small and midsize brands, operates a mutual growth fund for small partners and is taking the lead in building a sustainable K-beauty ecosystem by supporting the strengthening of global competitiveness for small indie brands through "K-Super Rookie with Young."
CJ CheilJedang supports the sustainable growth of small and midsize enterprises by participating in more than 10 purchase consultations in connection with local governments each year to expand sales channels for SMEs and by providing direct support funds and mutual growth funds. CJ Logistics, while operating the middle-mile transport platform "The Unban," introduced the industry's first next-day freight payment system that settles and pays the full transaction amount to drivers (freight drivers) the next day to enhance the soundness of the logistics ecosystem.
In addition, CJ Freshway operates the "Win-Win Cooperation Academy," which supports food safety management capabilities—such as education on food regulations and labeling and industrial safety—for small and midsize partner companies that lack quality control infrastructure or need operational know-how, and CJ OliveNetworks is contributing to easing partners' financial burdens and securing management stability by holding "Partners Day" to strengthen strategic partnerships with partners and by creating a "mutual growth fund" to support low-interest loans.