Cooperatives use seven billion liras of credit

ISTANBUL - Anatolia News Agency

The volume of credit used by cooperatives reached 6.9 billion Turkish Liras last year, said Customs and Trade Minister Hayati Yazıcı during the Cooperatives Europe General Assembly in Istanbul yesterday.

“There are 1,009 credit and bail cooperatives in Turkey. The number of cooperative society members that used credit was around 260,000, and credit volume reached a record level at 6.9 billion liras,” Yazıcı said.

The minister said the credit and bail cooperatives had been founded by small enterprises, artisans and craftsmen.

“In practice, credit and bail cooperatives provide bail to the banks to ensure banks give credit to small enterprises, artisans and craftsmen. If loans are not repaid on time, the credit payment value with interest is cut from the guarantor cooperative’s blocked account at the bank,” Yazıcı said.