The Credit Guarantee Fund (CGF), a Turkish Treasury-backed credit system that does not ask for collateral and aims to support the growth of small and medium-sized enterprises (SMEs), has taken steps to establish regional representative offices, according to Anadolu Agency (AA).
As of Aug. 31, the fund has guaranteed TL 385.8 billion in loans to some 705,213 enterprises nationwide, the fund's official website said.
The fund has been intensifying its region-based activities for some time. It will establish CGF regional representatives in various parts of the country. The number and places of the representatives will be finalized following the institution's studies, AA reported. Representatives, to be established to accelerate the on-site communication with the real sector and the banking sector, will work to strengthen objective and transparent evaluation processes, determine the needs of the real sector on the spot, and develop products in line with the changing needs and dynamics of the country.
The institution finalizes the applications of the enterprises through the units located in the headquarters. Thanks to its fast and secure systems using the latest technology, the average number of applications the fund evaluates per day exceeds 10,000. Established in 1991 with the mission of providing strategic support to Turkey's growth and development, the CGF gave its first surety in 1994. It undertakes national and international collaborations to facilitate the loan access of SMEs and non-SMEs that are unable to take advantage of credit and support facilities due to insufficient collateral.