Economy

Turkish state lenders announce support package

Enterprises to be supported with low-interest rate financing package by state lenders

Gokhan Ergocun   | 25.03.2020
Turkish state lenders announce support package

ISTANBUL

Turkish state lenders announced a financial support package on Wednesday in line with the government measures to limit the economic fallout from the coronavirus pandemic.

Three conventional banks -- Ziraat, Halk, Vakif -- and two participation lenders -- Ziraat Katilim and Vakif Katilim -- made public their package applicable for all enterprises.

All companies which are feeling the pinch from the pandemic can apply for support, the banks said in joint statement.

To qualify for the support, companies should not cut down their employees registered as of the end of February.

The package will provide a 36-month term loan, with 7.5% interest/financing rate annually and six-month non-payment period.

Banks will start accepting applications for credits -- for up to 100 million Turkish liras ($15.5 million) -- as of Thursday.

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