Hana Bank CEO Lee Seung-lyul, second from left, and other CEOs of Hana Financial Group affiliates listen to a small business owner during their visit to Gwangjang Market in Seoul, Nov. 3. Courtesy of Hana Bank

Hana Bank has introduced a financial aid package worth 100 billion won ($76.2 million) to lessen the financial burden of small business owners struggling with costly borrowing rates and an economic slump, the bank said Sunday.

The package includes 66.5 billion won in cashback benefits on interest payments for 110,000 borrowers. Another 33.5 billion won has been allotted for payments of energy bills and phone bills, plus consulting services for a total of 190,000 borrowers.

The package will go into effect beginning in December, in support of a project run by the bank's parent company, Hana Financial Group, since 2022 to help vulnerable members of society.

"We found that practical and tangible measures need to be taken for self-employed and other small business owners in this era of high interest rates and high inflation," Hana Bank CEO Lee Seung-lyul said. "Hana Bank will stand by those business people by expanding and enhancing financial support."

Concerning cashback benefits, the bank will return interest to those who are hit by the pandemic, as well as those who run manufacturing businesses, so that they can overcome the economic slowdown driven by sluggish exports and weakened private spending.

Support for energy and phone bills is also anticipated to further ease burdens by helping reduce business operating costs.