The Banks Association of Turkey (TBB) announced a support package for the tourism sector, one of the most affected sectors during the COVID-19 pandemic.
The package aimed at meeting the institutional credit expenditures and cash needs of the tourism firms and suppliers of those firms, along with the rent and salary expenditures in a bid to cushion the COVID-19 pandemic’s negative impact on the sector and economy in general while preserving employment and production values.
A total of 10 billion TL credit will be provided by the banks with the guarantee of the Ministry of Treasury and Finance and the guarantee of the Credit Guarantee Fund.
The credits will have a maturity term of 48 months with a 12-month nonpayment period on the condition of not exceeding Nov. 1, 2021.
The banks that will be allocating Tourism Support Package loans included Akbank, Denizbank, Garanti BBVA, Halkbank, Iş Bank, QNB Finansbank, TEB, VakıfBank, Yapı Kredi and Ziraat Bank along with several participation banks, namely, Ziraat Katılım, Albaraka Türk Participation Bank, Kuveyt Türk Participation Bank, Türkiye Finans and Vakıf Katılım.
The interest rate for the fixed interest loans was determined as a maximum of 14.5%.
The bail upper limit will be TL 32 million per receiver and the credit upper limit will be TL 40 million.
Revenue of firms | Guarantee Upper Limit (TL) | Credit Upper Limit (TL) |
0-3 million TL | 80.000 | 100.000 |
3-25 million TL | 800.000 | 1.000.000 |
25-50 million TL | 4.000.000 | 5.000.000 |
50-125 million TL | 8.000.000 | 10.000.000 |
Over 125 million TL | 16.000.000 | 20.000.000 |
Accommodation | 32.000.000 | 40.000.000 |
