
Ahead of the Chuseok holiday, Taekwang Industrial practices win-win management by making early payments for goods worth about 18.9 billion won to 270 small and medium-sized partners.
AI-generated summary
Taekwang Industrial has been making early payments to suppliers ahead of the holiday every year since Chuseok in 2020.
(Seoul = Yonhap News) Reporter Kim Min-ji = Taekwang Industrial, a textile and petrochemical affiliate of Taekwang Group, announced on the 17th that it will make early payments for goods worth about 18.9 billion won to 270 small and medium-sized partners ahead of the Chuseok holiday.
This early payment is designed to support the smooth operation of funds and management stability of partners at a time when demand for funds such as raw material purchase costs and wages is concentrated ahead of Chuseok.
Starting with Chuseok in 2020, the total amount of payments made to suppliers for goods ahead of the holiday each year amounts to KRW 124 billion, including this year’s Chuseok.
Taekwang Industrial signed a win-win loan agreement with Shinhan Bank in 2020 and has been operating a 'win-win loan program' to reduce the loan interest burden of its partners for the 7th year. Last July, an agreement was signed with Woori Bank to increase the financial resources for win-win loans from 10 billion won to 50 billion won, and the loan limit for each company was also expanded from 500 million won to 1 billion won.

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