Turkey to launch guarantee system for small enterprises

Turkish PM Erdogan said that a "credit guarantee system" would be launched for the small and medium-sized enterprises in Turkey.

Turkey to launch guarantee system for small  enterprises

Turkish Prime Minister Recep Tayyip Erdogan said on Thursday that a "credit guarantee system" would be launched for the small and medium-sized enterprises (SMEs) in Turkey.

Holding a press conference to make public a new incentives and employment package, Premier Erdogan said that SMEs whose annual turnovers were below 25 million TL and which had up to 250 employees would benefit from the "credit guarantee system".

"In the first phase, our Treasury will transfer 1 billion TL to the credit guarantee institutions in order to enable their efficient functioning. In return for this 1 billion TL of resource, we expect a guarantee to be provided for a 10 billion TL credit amount," Erdogan said.

Erdogan also said that SMEs had an important share in employment, added value and exports.

"SMEs will have the opportunity to reach financing opportunities in an easier way thanks to the new system," he said.

The system would support SMEs for two years, Erdogan said. "This will be a great support for the SMEs which cannot obtain credits from banks or which have problems with financing".

"By making it easier to reach financing opportunities, we are supporting production and employment," Erdogan added.

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Güncelleme Tarihi: 04 Haziran 2009, 14:13
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