The government will provide nearly 37 trillion won worth of cheap loans for small and mid-sized companies during the Chuseok holiday.

Vice Minister Choi Su-kyu of the Ministry of SMEs and Startups announced the measure on Wednesday after meeting with representatives of local banks and their affiliates.

Under the move, a total of 36-point-nine trillion won will be made available to SMEs and small merchants at low interest, including 24-point-three trillion won from the Bank of Korea and other state and public banks.

The ministry itself will provide one-point-one trillion won in loans for the businesses as well.