Turkish banks

A number of Turkish banks announced an economic initiative aimed at easing the burdens of companies in light of the Coronavirus crisis, on the condition that employees are not laid off.

The Ziraat bank, the VakıfBank and the people’s bank called this initiative “business continuity support loans”, as these banks will give all companies access to financial loans to cover the damages they suffered as a result of the spread of the virus.

The joint statement published by these banks stated that this economic initiative allows the beneficiary companies to pay the loans granted without interest within 6 months, or to install the amount over 36 months at an annual interest of 7.5 percent.

Banks stipulated that companies wishing to obtain loans should not lay off their registered employees as of the end of February.

Noting that the applications will be accepted as of Thursday 26 March.