State lenders unveil package for micro firms

ANKARA- Anadolu Agency

Turkish state-run lenders on Oct. 26 unveiled a stimulus package for micro-companies to help them deal with the economic fallout of the coronavirus pandemic.

The move aims to maintain the cash flow between small and medium enterprises (SMEs) and their suppliers through cash support, according to a joint statement from Ziraat, VakıfBank and Halkbank.

Companies who have turnover of up to 3 million Turkish liras ($371,055) will benefit from the loan of up to 100,000 liras ($12,372) with a 48-month maturity and an annual interest rate of 11.5%.