What happened? On March 25, 2020, the Turkish Ministry of Industry and Technology announced support for the country's small and medium-sized enterprises (SMEs) in the fight against the fallout from the coronavirus pandemic. The ministry said in a statement that loans from the Turkish Small and Medium Business Development Organization (KOSGEB) were postponed by three months, giving an additional four months for projects to develop. Hurriyet Daily News.
Peculiarities. The ministry also said that SMEs that manufacture medical protective products will provide additional support in the amount of $ 940. Of this amount, $ 000 will be loans.
Quote. Industry and Technology Minister Mustafa Varank said: “Our businesses that manufacture products such as disinfectants, protective clothing, goggles, masks and gloves from internal resources will be able to benefit from the KEKGEB TEKNOYATIRIM Support Program. The ministry will facilitate the production of these products, which have grown in demand since the COVID-19 outbreak. "
Details:
- The minister also said that firms in technology parks in Turkey (technology development zones) will not pay rent for two months. According to him, there are 5 companies operating in technoparks, employing 682 people. Perhaps the measures will also affect homeowners, as the number of transactions with real estate in mortgages soared by almost 58% in the first months of the year.
- Turkish government lenders Ziraat, Halkbank and Vakıfbank unveiled packages on March 23 to facilitate access to credit and provide flexibility for clients looking for additional loans due to temporary business disruption. Many private banks have followed suit.
- The Turkish Ministry of Finance announced on March 24 that about 1,9 million taxpayers would benefit from force majeure in the form of tax deferral.
- On March 18, President Recep Tayyip Erdogan unveiled a $ 15,4 billion aid package to cushion the economic impact of the coronavirus. The package includes debt payment delays and tax cuts in various sectors.
