Minister: Turkey to allocate loans for development of SMEs
Baku, Azerbaijan, Jan. 10
By Rufiz Hafizoglu - Trend:
Turkey will allocate 20 billion liras in loans for development of small and medium-sized enterprises (SMEs), Minister of Treasury and Finance Berat Albayrak said, Trend reports via Turkish media.
Thirteen Turkish banks will take part in loan issuance, according to Albayrak.
The minister noted that the loans will be provided to small and medium-sized enterprises whose annual income does not exceed 25 million liras.
"The monthly loan rate will be 1.54 percent and there will be a grace period of six months when entrepreneurs will be exempt from repaying the loan," the minister said.
The last time subsidies for development of SMEs were issued in March 2018.
Small and medium-sized enterprises provide about 73 percent of employment in Turkey.
(1 USD = 5.5072 TRY on Jan. 10)
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