Business

Export Guarantee Fund is coming: Companies will be able to easily get loans

The project of supporting exports, which was heralded by President Erdogan, has come to an end. A company similar to the Credit Guarantee Fund for Exporters will be established. Companies will be able to easily get loans with the surety system.

Details of the project “supporting the exporter and providing easy credit”, announced by President Recep Tayyip Erdogan, began to emerge. A special mechanism will be created in order to further support exports, which broke out from record to record after the pandemic, and to make Turkey a production base. The highlights of the study, which will be announced in the coming weeks, are as follows:

$10 BILLION FROM REDISCOUNT: The Central Bank increased its rediscount credits to $30 billion. The remaining portion will go to export. In this context, $10 billion will be used directly by the exporter.

GUARANTEE FUND: A joint stock company will be established to operate similar to the Credit Guarantee Fund for Exporters. The system will be created with the knowledge to be transferred from the Promotion Fund and the savings of the unions. The Credit Guarantee Fund will support the domestic market, SMEs, and the new company will only support exporters.

IKS WILL BE ESTABLISHED: IKS, called the Export Guarantee System (IKS), will be established. If the firm’s credibility is good, surety will be given to it, and thus the collateral system will be abolished. Export companies will not deal with documents and documents such as checks, mortgages, signatures. Thus, they will not have to pay the money given while these transactions are made.

EASY LOAN TO GET: Once the Surety System approves, the company will be able to get a loan from banks without the need for anything previously sought. The system will not give money, but the companies to which the guarantee is given will be able to easily access the loan.

Source: Sabah / Translated by Irem Yildiz

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