14.12.2016 Ankara
Applications have begun for the Respite Credit brought to reality by chambers and exchanges lead by TOBB. The Respite Credit, with surety provided by Credit Guarantee Fund, can be drawn from Denizbank and Ziraat Bank branches with an annual interest rate of 9.90% and a maturity of 12 months.
The Respite Credits
Project has begun. SMEs can draw credit from the Ziraat Bank and Denizbank
branches with a maturity of 1 year and an annual interest rate of 9.90% - 0.83%,
via membership through the chamber/exchange they are registered to.
The project, brought
to life via the initiative and financial contributions of the Union of Chambers
and Commodity Exchanges of Turkey (TOBB) and its chambers and exchanges, with
surety provided by the Credit Guarantee Fund in cooperation with Denizabank and
Ziraat Bank, has been pointed out by President of the Republic of Turkey Recep
Tayyip Erdoğan as ‘innovation in finance’.
TOBB President M.
Rifat Hisarcıklıoğlu stated that SMEs will have a respite from the pressure of high
interest rates. Hisarcıklıoğlu thanked President Recep Tayyip Erdoğan, who
supported the project, Prime Minister Binali Yıldırım and project partners
Denizbank, Ziraat Bank and the Credit Guarantee Fund.
- 5 billion TRY loan volume
Providing information
about the project, the TOBB President stated that Chambers and Commodity Exchanges
in 81 provinces affiliated with TOBB have undertaken a great initiative in this
project, “Our project, which started with 1 billion TRY with their support, has
reached 5 billion TRY load volume. We, the real sector and the finance sector
cooperated together and developed a mechanism that will give SMEs respite. The private
sector has contributed to the policy reduction in loan interest rates initiated
by the President and Prime Minister.”
Hisarcıklıoğlu reported
that SMEs can use loans with interest rates between 15% and 18%, “We wanted to
provide SMEs access loans with interest at less than 10%. We started working.
First, TOBB and our 365 chambers and commodity exchanges put forth our
contribution to the cause. We combined all of our resources. Then the Treasury
and Credit Guarantee Fund came into play. SMEs were unable to find surety;
banks were hesitant to give out loans of risk; loan applications were refused. As
per the Prime Minister’s instruction, the Treasury-backed KGF surety went into
effect. Our SMEs were granted 85% surety on loans of this project. The banks
joined the endeavor. They provided resources to the project despite the risks
involved. That is how we were able to reach a loan volume of 5 billion TRY for
the Respite Credit.
Stating that they
will have addressed the pleas 70,000-80,000 SMEs within two to three months, Hisarcıklıoğlu
urged trust in the power and dynamism of the Turkish private sector.