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A Financial Support of TL 40 Million to Istanbul Investors from Halkbank-Kalkınma Cooperation
 
Home Page \ Kalkınma News \ A Financial Support of TL 40 Million to Istanbul Investors from Halkbank-Kalkınma Cooperation

A Financial Support of TL 40 Million to Istanbul Investors from Halkbank-Kalkınma Cooperation

Halkbank and Development Bank of Turkey (Kalkinma) signed a credit agreement of TL 40 million in order to meet the needs of Istanbul-based tourism accommodation establishments of SME nature in terms of medium- and long-term loans. Through the resources Kalkinma provided to Halkbank with a one-year grace period and a five-year term in total, it is intended to offer a financial support to tourism accommodation establishments which are preparing for the Istanbul 2010 European Capital of Culture project. The ultimate aim is to contribute to sustainable tourism by upgrading the quality of tourism accommodation establishments and increasing their competitiveness.

Kalkinma’s resources will be allocated to tourism SMEs as investment credit with a one-year grace period and a five-year term and as operating credit with a six-month grace period and a four-year term. The upper limit of the loan will be TL 3 million on the basis of the firm. The tourism SMEs who use investment credit will be allocated also operating credit up to 25 percent of the allocated amount.

Abdullah Çelik, Chairman and Chief Executive Officer of Kalkinma, stated that everyone’s wish is to see Istanbul in a position worthy of Europe’s Capital of Culture, thanks to its cultural heritage and service sector. He added: “At the 2008-2009 periods, our Bank was involved in wholesale banking (Apex banking) activities in order to reach small-sized companies; up to now, it has reached over 300 companies, cooperating with the banks having widespread branch network. Within the scope of wholesale banking activities, our Bank is planning to transfer loans in 2010 to the amount of TL 300 million deriving from international financial sources. Our Bank is giving financial support to Istanbul’s guest serving SME’s to enable them to perform the transformation of Istanbul into a European capital of culture. We are glad to cooperate on this plane with the Halkbank which has a SME-banking experience of more than 70 years. We are thoroughly convinced that our Bank’s sources will be allocated in the best possible way with contribution to the prestige of Istanbul.”

Hüseyin Aydın, General Director of Halkbank, who evaluated the loan program concerning the tourism investors of Istanbul, said: “The Sun Package and the Tourism Enterprises Renewal Credit have been two different financial solutions up to now. With our new credit program, we are now adding a different dimension to our support for the sector. Our goal is to present solutions concerning the financial needs of the tourism attributed SME’s which are preparing themselves for the 2010 European Capital of Culture project. We are proud to support this important project which is contributing to the promotion and reputation particularly of Istanbul and also Turkey”.

Tourist accommodation businesses (with the exception of five-stars hotels) in districts like Fatih (centrally the historic peninsula), Eyüp, Beyoğlu, Beşiktaş, Şişli, Kadıköy and Üsküdar can benefit from the credit for facilities renewal, modernization, renovation, hotel upgrade and energy efficiency investments.