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Another Support to SMEs from Development Bank of Turkey
 
Home Page \ Kalkınma News \ Another Support to SMEs from Development Bank of Turkey

Another Support to SMEs from Development Bank of Turkey

Development Bank of Turkey and World Bank (International Bank for Reconstruction and Development) signed a loan agreement of USD100 million on July 6, 2010 under guarantee of Treasury of Republic of Turkey in order to help the Small and Medium Enterprises (SMEs) to reach necessary financing easily. The loan will be extended to SMEs on a medium- and long-term basis through banks with extensive branch network in the scope of wholesale banking method.

In this context, our Bank signed a loan agreement of USD65 million with Garanti Bank Inc. on September 29, 2010 and a second loan agreement with Deniz Bank Inc. in the amount of USD35 million.

In respect of these loan agreements, our Bank gives opportunity to these commercial banks to extend loans to SMEs with concessionary cost and maturity conditions. This loan will be given to intermediary banks with a five-year term and two-year grace period. Then, intermediary banks will extend the loan as an investment and/or working capital loan with at least two-year term to SMEs with an annual sales amount under USD20 million or its equivalent in TL, acting in Turkey and having no more than 250 workers. In the context of this loan, it is also possible to finance the SMEs operating in the sectors not covered by the World Bank. At least 25% of the loan will be used in under developed areas.