Turkish banking sector supports SMEs with $3.7B
Some 13 Turkish lenders have launched a TRY 20 billion ($3.7 billion) finance package for small and medium-sized enterprises (SMEs), the Treasury and Finance minister announced on January 10. SMEs which have an annual turnover of less than TRY 25 million ($4.6 million) may benefit from the 6-month, non-refundable loan package with a 1.54 percent monthly interest rate, Berat Albayrak said. “Firms in the manufacturing and export sectors will receive one million Turkish liras ($183,740) while other sectors will receive TRY 500,000 ($91,885),” he noted in a press meeting at the Dolmabahce Palace in Istanbul. The SME credit package was created by lenders and will not affect the country’s treasury, Albayrak noted. The lenders are state-run Halk, Vakif, Vakif Katilim (participation) Ziraat, and Ziraat Katilim (participation), and private Alternatif, Albaraka (participation), Deniz, Garanti, Seker, TEB, QNB Finans, and Yapi Kredi. The minister also said around 20,000 to 40,000 SMEs will benefit from this package.