Shinsegae Group is set to provide a total of 900 billion won ($758 million) to help small and medium-sized business partners that are struggling as a result of the new coronavirus outbreak.
Shinsegae Department Store and E-Mart decided to pay about 800 billion won in advance to some 5,000 small and medium-sized suppliers to help them remain stable at a time of plunging sales. Shinsegae TV Shopping also plans to pay its smaller partner companies 25 billion won in advance.
The department store and the retailer also formed the Shared Growth Fund, worth 87 billion won, to facilitate low-interest loans to their small and medium-sized suppliers. The funds will be spent mainly in Daegu and North Gyeongsang Province, areas that together have recorded the majority of confirmed COVID-19 cases in South Korea.
By Shin Ji-hye (firstname.lastname@example.org)