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Türkiye's “Nefes” (meaning “breath” in Turkish) credit loan program, designed to provide favorable commercial loans to small and medium-sized enterprises (SMEs), has granted ₺30 billion ($736.4 million) to 23,515 companies, the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) announced on Wednesday.
Launched in July, the initiative aims to ease financing constraints for SMEs in export-focused sectors, which have been facing high commercial lending rates due to ongoing monetary tightening since mid-2023.
To widen access to the low-cost credit, the government recently revised the official definition of SMEs, raising the maximum balance sheet threshold to ₺1 billion ($24.5 million).
The program, supported by the Credit Guarantee Fund’s own resources and eight participating banks, was launched with a ₺30 billion volume for its first campaign, aiming to reach as many eligible SMEs as possible within a short application period.
Under the program, each company can access up to ₺2.5 million ($61,358) in credit, with loans offered for a maximum term of 36 months, including a six-month grace period with no repayments.
TOBB reported that the program quickly reached its designated lending capacity, marking the completion of the application phase.
"Affordable financing at the right time is vital for maintaining production and trade continuity. Greater access to credit means more investment, production, employment, and exports, ultimately supporting a stronger economy," TOBB stated.
TOBB concluded that it has formally requested an increase in the loan ceiling from relevant authorities, noting that additional funds could be made available rapidly if approved.
Since 2009, the Credit Guarantee Fund has provided ₺950 billion ($27.8 billion) in guarantees to Turkish businesses, official figures show.
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