LG Uplus to Pay SME Suppliers Early Before Chuseok
TECHWORLD ·
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LG Uplus said on the 18th that it will pay about KRW 25 billion in delivery fees to SME suppliers early before Chuseok.
The early payment is an extension of a practice that has been in place since 2014, under which LG Uplus has paid SME suppliers' delivery fees early before holidays, and the recipients are small and medium-sized enterprises that deliver materials, construction, and services after signing purchase contracts.
The original payment date was Sept. 30, but the actual payment date has been moved up to Sept. 23, and LG Uplus also operates a KRW 75 billion mutual growth fund and a KRW 30 billion direct funding support program.
LG Uplus announced on the 18th that it will pay SME suppliers' delivery fees early before Chuseok to help secure their liquidity. The early payment is worth about KRW 25 billion.
The early payment is an extension of a practice that has been in place since 2014, under which LG Uplus has paid SME suppliers' delivery fees early before holidays. The recipients are small and medium-sized enterprises that deliver materials, construction, and services after signing purchase contracts. The work of the suppliers eligible for payment includes materials deliveries such as wireless repeaters and wired network equipment, network construction, and IT development and operations.
The payments will be made in full in cash. The original payment date was Sept. 30, but the actual payment date has been moved up to Sept. 23. As a result, the payment schedule has been shortened by 7 days. The suppliers can use the funds received this time for new product production, facility investment, R&D, and operating expenses.
Separately, LG Uplus also operates financial support programs to help suppliers manage their funds more stably. The mutual growth fund totals KRW 75 billion, while the direct funding support program totals KRW 30 billion. These financial supports are intended to ease suppliers' financial burden.
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Source: TECHWORLD · Kim Hye-jin
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407130
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Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.