Union of Chambers and Commodity Exchanges of Turkey

The TOBB Breathing Credits are expected to benefit approximately 50,000 SMEs within two to three months with a monthly interest rate of 0.99 / 12 months and a maturity of 12 months; will be issued by Ziraat Bank, Denizbank, Halkbank, Vakıfbank, Ziraat Participation and Foundation Participation.

TOBB President M. Rifat Hisarcıklıoğlu said that they had come together to continue the Breathing Credits that President Erdoğan gave to "Innovation in Financing" in 2018, which they launched in 2017, in his speech at the signature ceremony and said "We have been organizing TOBB, Ziraat Bank- Denizbank and KGF This year we joined Halkbank, Vakıfbank, Vakıf Participation, Ziraat Participation Banks. We march stronger now.”

Pointing out that they had talked to the Customs and Commerce Minister Bülent Tüfenkci last year on the idea of ​​Respite Credits, the TOBB President said, “We discussed the issue with the Prime Minister. Later, with the support of Deputy Prime Minister Mehmet Şimşek, the Treasury and Credit Guarantee Fund were involved. Our SMEs were given 85% bail on the loans under this project. Lastly, Ziraat Bank, the largest public bank, and Denizbank, the only private bank which supported the project for two years, having provided funding to the project despite risks. So we created a credit volume of 5 billion TRY for SMEs. 30,000 SMEs utilized loans in a short period of 2-3 months. We’ve contributed as the private sector to the policy of lowering the interest rates initiated by our President and Prime Minister.

Hisarcıklıoğlu reported that they are restarting the Respite Credits launched under Prime Minister Yıldırım in 2017 and stated, “Despite those stubbornly trying to create a negative atmosphere in the market, TOBB, 365 Chambers and Exchanges, Ziraat Bank, Denizbank, Halkbank, Vakıfbank, and KGF stand firm and united. I would like to thank all the bank general managers for their leadership. Again, I would like to thank the chairmen and board of directors of our chambers and exchanges. They mobilized all their resources for membership.”

Hisarcıklıoğlu stated that he is proud of all the chambers and commodity exchanges which are the main representatives of Turkish entrepreneurs and SMEs. “Thanks to them, we will be able to provide credit to our 50,000 SMEs in 5 billion TRY in 2-3 months.”

The TOBB President, providing information about the Respite Credit system, said, “Starting Monday, our member SMEs will be able to apply to the bank branch they work with the membership certificate they will receive from the Chambers and Commodity Exchanges. Our Respite Rate will be 0.99% per month. A member can access a maximum of 200,000 TRY in credit in 12 installments. 85% of the loan will be covered by Treasury-backed KGF bail. In other words, our SMEs will not be seriously burdened by collateral. We will continue to innovate financially.”

Hisarcıklıoğlu reported that by providing access to 5 billion TRY in loans for SMEs, while ensuring savings of 400 million TRY by lowering interest, both SMEs and Turkey will benefit.

The TOBB President stated Turkey would break records again in 2018 the way it did as a G20 member with 7.4% growth in 2017.

Hisarcıklıoğlu reported that they’ve held a meeting in regareds to the reforms passed on the YOİIKK platform under the auspices of Prime Minister Yıldırım on Wednesday, “I also said there, TOBB, like YOİKK, will continue to do our duty we have with the mobilization of employment, respite credits, domestic automobile production. Because it always pays to invest in Turkey. Turkey has always reached its destination. As Turkish traders and industrialists we will do our best again. We will work harder, produce more, we will profit more, our employees will earn more, Turkey will win. As long as there is power of unity we will achieve many successes. We would like to extend our deepest gratitude to the President of the Republic, to the Prime Minister, Deputy Prime Minister as well as the Customs and Commerce Minister.”

- Prime Minister Yıldırım

Prime Minister Binali Yıldırım reported that returns on respite credits granted last year is 10 times more than the national average, below 0.01%

Yıldırım said that this ratio is normally 2.9, “There are no failures here, solid money, because the SMEs are robust, the SMEs are faithful businesses. They may be small but provide a big contribution to the economy and they serve a more common platform.”

Yıldırım stated, “Turkey's economy will continue its sustainable growth.”

- Deputy Prime Minister Şimşek

Deputy Prime Minister Mehmet Simsek noting that SMEs represent a significant economic volume in Turkey, 3.5 million SMEs constituting 99.8% of firms in Turkey, contributing greatly employment, investments, exports and added value.

Simsek pointed out that despite the importance of SMEs in the economy, they did not get enough shares from the credits and pointed out that, “Accessing finance is the biggest problem of SMEs. As the government, we took 3 important steps to solve SME access to finance. Not only real estate, vehicles, but also the receivables that they will get from patents, which is a very fundamental and structural reform which will increase the access to finance.”

- Minister Tüfenkci

Customs and Commerce Minister Bulent Tüfenkçi is stated that they continually meet with SMEs in the ministry, listen to their ideas and suggestions, developing various applications with these in mind. “Since the 2016 schemes played on Turkey, we’ve always beat the odds together. Turkey is the envy of the world with a growth of 7.4% in 2017, this is a real success.”