The acceptance of applications for the program, which is being offered by the Small and Medium Industry Development Organization (KOSGEB), a partner organization of the Industry and Trade Ministry, began on Nov. 4 and will continue until the end of the year, when KOSGEB believes the funds will be depleted. The package is intended to provide loans to at least 100,000 SMEs, with funds totaling TL 2.5 billion.
Speaking to reporters during a trade mission to Hungary, Ergün noted that funds for equipment procurement, loans to support exports and emergency loans would be provided to owners of SMEs if they meet the KOSGEB criteria. Ergün noted that the maximum loan provided to business owners would be TL 25,000 and that a higher limit of TL 30,000 would be in place for female business owners. Interest on the loans would be a monthly rate of 1 percent, with a quarter of that paid by the business owners and the rest by KOSGEB.
Ergün noted that applications for the fund would be accepted until the end of 2009, that the 57,000 applications had requested TL 1.4 billion and that the goal was to reach TL 2.5 billion by the end of the year.
