MSME Credit Line II Vakifbank

completed

FC promotes the development of micro, small and medium-sized enterprises (MSMEs) in Turkey An FC promotional loan to the Turkish Vakifbank promotes the development of micro, small and medium-sized enterprises (MSMEs) by improving their access to financing through Vakifbank. Part of the funds will be paid out to MSMEs in the least developed regions in Eastern and Southeastern Anatolia (so-called Priority Development Regions) and part of the final loan will be made available to micro-enterprises. Vakifbank, which operates as a universal bank, has expanded the MSME segment significantly in recent years and, thanks to its nationwide branch network of around 900 branches, is a suitable financial intermediary close to the target group, particularly in rural areas. The MSME sector plays a crucial role in the Turkish economy. Over 90% of Turkish companies belong to this group. They employ over 70% of the working population. However, this key role of MSMEs is offset by inadequate financing offers from banks. This represents a key obstacle to development. The loan facilitates access to credit for this target group and promotes the further development of Turkish MSMEs and, as a result, the creation and retention of jobs in Turkey.