[서울=뉴스핌] Reporter Ji-Hye Shim = We will strengthen the foundation for LG Electronics to coexist with partners and grow together.
LG Electronics announced on the 19th that it has been operating a win-win cooperation fund for primary and secondary partners, and from this year onwards it will expand the target of support so that tertiary partners can also use the fund.
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| LG Twin Tower [사진=LG] |
Since 2010, LG Electronics has been operating a win-win cooperation fund worth 200 billion won with IBK and Korea Development Bank. Suppliers can use the win-win partnership fund to receive low-interest loans when they need funds.
Until last year, the first and second-tier suppliers that signed a fair trade agreement with LG Electronics were the targets of support, but from this year, third-tier suppliers can also receive loans using the Win-Win Cooperation Fund when they need funds. In particular, LG Electronics is planning to provide priority support when a partner who is experiencing difficulties due to Corona 19 applies for a loan.
There are over 1,000 suppliers that can use the win-win cooperation fund, an increase of more than 20% from last year. The limit of support is KRW 1 billion for primary suppliers and KRW 500 million for secondary and tertiary suppliers. In the case of a’cooperation association’ member companies formed for close exchange and mutual development by partner companies, they can apply for up to 2 billion won.
LG Electronics expects that expanding the targets of the Win-Win Cooperation Fund will help partner companies in need and build a healthy ecosystem for shared growth.
In addition, LG Electronics will provide an interest-free fund of 40 billion won next month, one month ahead of last year. Interest-free funds are used to build automation solutions, improve old facilities, and develop new technologies to increase the productivity of partners.
In addition, LG Electronics is operating a win-win payment system so that primary, secondary, and tertiary partners can receive cash early on the payment date of delivery payments based on credit from large companies to secure liquidity. The amount paid by LG Electronics’ primary partner to secondary partner companies through the win-win payment system was about 530 billion won last year, the largest among domestic companies.
LG Electronics provides various support for win-win cooperation such as ▲ development of parts applying new technologies and new construction methods ▲ consulting for manufacturing innovation ▲ free education so that suppliers can integrate various innovative technologies into overall management.
Lee Si-yong, head of the LG Electronics Purchasing/SCM Management Center (Executive Vice President), said, “We are actively supporting our partners in need and are seeking various ways to grow together.” · We will make efforts to lead to third-tier suppliers.”