SUPPORT PACKAGE ANNOUNCED BY TURKISH STATE LENDERS

Turkish state lenders announced a financial support package on March 25in line with the government measures to limit the economic fallout from the coronavirus pandemic.

Three conventional banks – Ziraat, Halk, Vakıf – and two participation lenders – Ziraat Katılım and Vakıf Katılım – 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 a 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 a 7.5 percent interest/financing rate annually and a 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.

Source: https://www.hurriyetdailynews.com/turkish-state-lenders-announce-support-package-153282