According to a written statement issued by the Science, Industry and Technology Ministry, Turkey will be participating in the Small and Medium-Sized Enterprises (SME) and Entrepreneurship Financing Program of the European Union along with other programs, such as Horizon 2020, during the country's adaptation and integration process with the EU. The agreement, largely concerned with the Competitiveness of Enterprises and SMEs (COSME) Program, was signed in Brussels yesterday between Turkey and the European Commission. The Small and Medium-Sized Enterprises Development Organization (KOSGEB) has been authorized as the national coordinator of the COSME program with a dedicated budget worth 2.3 billion euros (TL 6.60 billion) over seven years in order to increase SMEs' access to funding and markets and to support entrepreneurship. The statement also noted that the program aims to reach more than 70,000 SMEs.

"The program especially focuses on micro businesses, enterprises with single workers, liberal professions, social enterprises, potential, new, young and women entrepreneurs. The main action plan is to ensure that SMEs have access to funding and can obtain bank loans with easier and more flexible terms," read the statement.

Science, Industry and Technology Minister Fikri Işık also underlined the fact that there is no structure that directly offers funding to SMEs and this program offers various opportunities for banks and other businesses that offer financing to SMEs and other entrepreneurs right at the time of their breakthrough. "Turkey has taken important steps in the integration process with the EU. Economic cooperation and investment are the most crucial of all this. Turkish entrepreneurs and investors should benefit from the opportunities offered by COSME by submitting effective and high quality projects in order to obtain millions of euros," said Işık.