Turkey: State lenders unveil package for micro firms

ANKARA

Turkish state-run lenders on Monday 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 enterprizes (SMEs) and their suppliers through cash support, according to a joint statement from Ziraat, VakifBank 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%.