The volume of a loan which caters to small and medium-sized enterprises (SMEs) in Turkey has been raised, Prime Minister Binali Yıldırım announced Saturday at the signature ceremony for the new Breather loan package in İzmir.
The Breather loan has been increased to TL 7.5 billion ($1.9 billion) from TL 5 billion, Yıldırım said and emphasized that Turkish SMEs will enjoy great benefits of the last package.
The Breather loan package, in collaboration with the Credit Guarantee Fund (CGF), Turkish Union of Chambers and Commodity Exchanges (TOBB), lenders Ziraat Bank, Akbank, Vakıfbank and Denizbank, was introduced in late 2016 to revive the economy. SMEs started to utilize the loan last year.
Yıldırım said Turkey became the fastest-growing country in the world with an economic growth rate of 7.4 percent, last year.
"We are breaking our own record [of economic growth rate]. Turkey will continue to grow, develop and produce, with its private and public sectors and practicable policies by taking firm steps," the prime minister said. He added that economic incentives and measures will be disclosed to the public next week.
The loan became an important component of Turkey's economic growth last year, said Deputy Prime Minister Mehmet Şimşek.
"Turkey generated 1.6 million jobs last year with the help of this loan," he said.
He noted that access to finance was the biggest problem SMEs faced, which comprised of 99.8 percent of all businesses in Turkey.
"The loan package especially gives small-sized enterprises breathing space through working capital," he added. Şimşek also said the government will introduce a new funding system for startup tech companies.
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