The financial regulator said Wednesday it will work to quickly provide up to 5 trillion won ($3.75 billion) in financial support to local firms this year, while pushing to create an additional 3 trillion-won investment fund for businesses.

The government earlier announced plans to provide more than 76 trillion won in financial support for local businesses, with 20 trillion won earmarked for large businesses and 15 trillion won for mid-sized firms.

"As a follow-up to the 'business-tailored financial support' (announce Feb. 15), the banking sector and growth funds will create a 5 trillion-won fund specifically for mid-sized firms and start making investments within the year," the Financial Services Commission said in a press release.

It added it will also provide an additional 3 trillion won for startups and business innovation, noting the existing investment fund is already well under way.

FSC Vice Chairman Kim So-young stressed the need to quickly implement the support measures, highlighting that two policy lenders -- Korea Development Bank and Industrial Bank of Korea -- plan to launch their support programs within the first half of the year.

"To add to this, we ask the five banks that have agreed to actively take part in the business support program to help actualize the outcome of support at an early date by swiftly launching their investment and loan programs," he told a policy meeting, attended by officials from other related government offices and the banks. (Yonhap)