Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

80,000 Turkish SMEs to take a sigh of relief with TL 5B loan

by Daily Sabah with AA

ANKARA Dec 03, 2016 - 12:00 am GMT+3
Prime Minister Binali Yu0131ldu0131ru0131m, accompanied by TOBB President Rifat Hisarcu0131klu0131ou011flu on the left and Customs and Trade Minister Bu00fclent Tu00fcfenku00e7i on the right, speaks in Ankara at the launch of the SME loan project.
Prime Minister Binali Yu0131ldu0131ru0131m, accompanied by TOBB President Rifat Hisarcu0131klu0131ou011flu on the left and Customs and Trade Minister Bu00fclent Tu00fcfenku00e7i on the right, speaks in Ankara at the launch of the SME loan project.
by Daily Sabah with AA Dec 03, 2016 12:00 am

The breather loan package will give SMEs a TL 5 billion loan at less than 10 percent annual interest rates. The project devised by the actors of the real economy and financial sector will revive the economy

The ceremony to introduce the latest loan package that will give small- and medium-sized enterprises (SMEs) breathing space was held yesterday at the Çankaya Prime Minister's Office, under the auspices of Prime Minister Binali Yıldırım.

Some 80,000 SMEs will receive loans at a 9.90 percent annual interest rate and a 0.83 percent monthly interest rate for one year.

Hopinh the business world and self-employed professionals will benefit from this breather loan project, Prime Minister Binali Yıldırım underscored the importance of SMEs for the economy, and he stated that SMEs are the pillars of the economic ecosystem.

"More than 70 percent of employment comes from SMEs and they contribute more than 60 percent to exports. SMEs are a very important sector that keeps the economy alive," he added, pointing out the necessity to support such an important sector in these hazy days dominated by currency fluctuations, with due consideration of the global economic mobility.

Announcing that a TL 5 billion loan ($1.41 billion) on deposits will be given to SMEs in collaboration with the Credit Guarantee Fund, Denizbank and Ziraat Bank, the prime minister said, adding, "The banks will take 15 percent risk and Credit Guarantee Fund (KGF) will assume a 85 percent risk. At the initial phase, we therefore provide a financial source for 80,000 SMEs that will give them breathing space and fulfil their needs."

'Citizens remain sang-froid'

Speaking at the launch of the latest loan support for SMEs, Prime Minister Yıldırım evaluated the impact of the U.S. elections on the global economy.

"The post-election period negatively affected the entire developing world and we are aware that this impact is ephemeral. Our citizens must remain sang-froid. Hopefully, 2017 will be a better year because we made our calculations and drew up our budget according to that vision," he said.

'The breather loan will revive economy'

Customs and Trade Minister Bülent Tüfenkçi also delivered a speech at the ceremony, elaborating on the difficulties SMEs experience in accessing and securing loans despite their stable growth and economic performance.

"I believe that the incentive provided with the Loan Breath project will revive our economy and excite markets," the minister said.

He also gave some figures signifying the SMEs' contribution to exports.

"SMEs make up 55 percent of total exports and their share in imports is 38 percent," he added.

Minister Tüfenkçi emphasized the significance of unity and solidarity, which will boost Turkey's production capacity. He further confirmed that Turkey secures its robust economy despite the rumors circulating within domestic and foreign markets.

"We are closely following global markets and volatility. The secured stability in Turkey will facilitate more production and sales. In collaboration with the real economy, we will ensure growth in high-tech productions," the minister said, indicating that SMEs are taking a bigger role in the Turkish economy, as they do across the world.
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    In photos: A year of COVID-19 pandemic in Turkey
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021