The government will provide more than 40 trillion won over the next two years for small businesses and self-employed people hit hard by the COVID-19 pandemic.

The Financial Services Commission(FSC) unveiled a set of support measures to that effect on Sunday designed to help small businesses and the self-employed recover and enhance their competitiveness.

The FSC plans to use 41-point-two trillion won to provide tailored financial support for borrowers who have the ability to repay their debt among the self-employed and small businesses.

The move is part of the comprehensive financial support plan devised by the FSC as the existing support measures are set to expire in September.

Under the 80 trillion won plan, the Industrial Bank of Korea and the Korea Credit Guarantee Fund will contribute ten-point-five trillion won in support for pandemic-hit businesses through loans and special credit guarantees.

The two organizations will also supply 29-point-seven trillion won through an additional set of loans and credit guarantees to help small businesses and self-employed people strengthen their competitiveness.