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Payments Advanced by up to Nine Days for About 10,000 Partners, to Be Made on the 21st Before the Chuseok Holiday
Expanded to 1,000 More Partners Than Last Year… Supporting Relief for SME Cash Flow Burdens
Hyundai Department Store Group will make early payments to its small and medium-sized partners ahead of the Chuseok holiday. This measure aims to alleviate the management burden for SMEs struggling with cash flow due to the prolonged economic slowdown, high interest rates, and rising prices.
On September 7, Hyundai Department Store Group announced that it would advance the payment of 273.8 billion won in settlement funds to about 10,000 SME partners—up to nine days earlier than the originally scheduled date—so that payments will be made on the 21st, before the Chuseok holiday.
The early payment applies to approximately 7,000 SME partners that do business with 15 affiliates, including Hyundai GF Holdings, Hyundai Home Shopping, Hyundai Green Food, Hyundai Livart, Handsome, Hyundai Everdigm, Daewon Kangup, Hyundai Bioland, Hyundai Futurenet, Hyundai Duty Free, Hyundai L&C, Zinus, Hyundai Dream Tour, Hyundai EZwel, as well as about 3,000 partners working with Hyundai Department Store itself.
The total number of eligible partners is about 10,000, an increase of 1,000 compared to around 9,000 at the time of the Chuseok holiday last year.
Hyundai Department Store Group expects that early payment of settlements will help SMEs maintain smooth cash flow at a time when demand for funds, such as employee bonuses and other operating expenses, increases ahead of the holiday.
A representative from Hyundai Department Store Group said, “We are advancing settlement payments to support partners who are expected to face challenges in securing funds, with growing needs for employee bonuses and various operating capital ahead of the Chuseok holiday. Going forward, we will also continue to introduce a variety of support programs to drive mutual growth with our long-standing SME partners.”
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Meanwhile, Hyundai Department Store Group continues to operate support programs to help SMEs manage their finances. Since 2014, Hyundai Department Store has operated an annual interest-free loan program worth 6 billion won for small and medium partners. Since 2013, Hyundai Home Shopping has also provided financial support—free of charge—to SMEs for product and technology development.
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