Financial authorities said policy lenders will provide ten trillion won, or around seven-point-two billion U.S. dollars, in special financial support for small business owners who are faithfully repaying their debts.

The Financial Services Commission(FSC) announced the plan in a meeting at the Korea Federation of Micro Enterprises in Seoul on Thursday.

The FSC said commercial lenders will also join such moves by providing three-point-three trillion won in financial support.

The regulator also announced a set of measures to reduce the financial burdens of small merchants, including a loan refinancing service for sole proprietors and activation of the right to request interest rate reductions.

The FSC estimates that these steps could help small businesses save up to 273 billion won in financial costs each year.