International Factoring Group (IFG) has announced that Turkey s C Faktoring has become a shareholder status member of the factoring industry association
Turkey's factoring industry, which has been active in the country for only 20 years, attained a growth rate far above the world average of 27 % in 2007.
Export manufacturers will soon be able to take advantage of a new package of state-supported, interest-free loans similar to those currently being offered to industrial SMEs
The business world has welcomed Minister of Industry and Trade Zafer Çaglayan's announcement of a plan to grant interest-free loans of up to TRY 25,000 (EUR13k) to SMEs.
Four years ago the share of loans taken by SME's was around 7 percent of all loans extended by Fortis Bank. 'The situation has now changed dramatically' says Metin Karabiber, assistant general manager of Fortis Bank's department for SMEs.
The European Union has launched the second phase of its Small Enterprise Loan Program (SELP), which provides loans to support the smallest of SMEs. Enterprises with fewer than 50 employees and less than 1m in assets may directly apply to bank branches located in 49 Turkish provinces.
The World Bank approved on Thursday to extend a US$600m export finance intermediation loan in a bid to help Turkish exporting firms expand capacity and improve competitiveness.
