Turkish gov't ramps up efforts to support SMEs with new loan package

dailysabah.com - 01-10

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The Turkish government and 13 banks have joined forces to provide a TL 20 billion ($3.7 billion) finance package for small and medium-sized enterprises (SMEs) that have annual turnovers of less than TL 25 million, Treasury and Finance Minister Berat Albayrak announced Thursday. Between 20,000 and 40,000 SMEs will benefit from this package, and they may benefit from the six-month, nonrefundable loan package with a 1.54-percent monthly interest rate, the minister explained during a press meeting in Istanbul. "Firms in the manufacturing and export sectors will receive TL 1 million, and enterprises operating in other sectors will receive TL 500,000," the minister added.