ANNOUNCEMENT 03 May 2019

Turk Eximbank provides export financing support to young entrepreneurs.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Turk Eximbank, Press release of 3 May 2019, Türk Eximbank’tan genç girişimcilere özel destek: Available at: https://www.eximbank.gov.tr/content/files/191c0ccf-cda1-445c-98cc-5640b7f92047/Bas%C4%B1n%20Notu-Gen%C3%A7%20Giri%C5%9Fimciler

Inception date: 03 May 2019 | Removal date: 31 Dec 2019

Trade finance

On 3 May 2019, Turk Eximbank announced signing a protocol called “Export Credit for Young Entrepreneurs” with Turk Is Bank, which will act as the agent of the credit program.

Within the scope of the young entrepreneur export credit program, the credit will be extended to young entrepreneurs from the date of request of credit, provided that the company has been established no more than 5 years ago, the shareholder with a share of 51% or more is in the 20-45 age range.

As part of the credit program, Turk Eximbank has allocated 200 million USD and 100 million Turkish Liras (16.8 million USD) of credit limit to Turk Is Bank to be used for young entrepreneurs. In this regard, for young entrepreneurs, Turk Eximbank will provide pre-shipment export credit up to 100,000 Turkish liras (16,800 USD) and 500,000 EUR/USD per company.

Within the export credit program, Turk Eximbank provides the following benefits to young entrepreneurs:

  • Young entrepreneur exporters will have priority in the Turk Eximbank’s pre-shipment export credits until the end of 2019.
  • Within the scope of “Short Term Export Credit Insurance” and “Short Term Receivable Insurance” policies, young entrepreneurs having new policies between 19 May 2019 and 31 December 2019 will be exempted from the “analysis fee” for 1 year.
  • Young entrepreneur exporters will be assisted by contracted leasing companies within the scope of “Leasing Credit Program” for financing their machinery investments.
  • 25 basis points discounts from the interest rates will be applied for young entrepreneurs.

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