Support package for the tourism sector

With regard to the tourism sector, on which the business world has long been making requests, the Banks Association of Türkiye announced that the Tourism Support Package Scheme will be launched in order to support the mitigation of the effects of the pandemic.

According to the statement made by the Banks Association of Türkiye (TBB), in order to mitigate the effects of the pandemic and to support the protection of production and employment capacities and market values, the Tourism Support Package Scheme will be launched to cover the salary and rent payments, fixed expenses bound by contract or invoice, cash needs and corporate credit card expenditures of businesses in the tourism sector as well as of the suppliers of these businesses.

10 billion TL of loans will be provided by banks with the guarantee of the Ministry of Treasury and Finance and the surety of the Credit Guarantee Fund. The loans will have a maturity of 48 months, including a maximum grace period of 12 months, provided that it does not exceed 1 November 2021. The interest rate has been set at a maximum of 14.5 percent for fixed-rate loans and TLREF + 200 basis points for variable-rate loans.

The upper limit of surety per beneficiary will be 32 million TL and the upper limit of the loan will be 40 million TL. The loan and surety limits will be according to turnover ranges. Details of the implementation principles are available on the website of the Credit Guarantee Fund.

The banks that will extend the Tourism Support Package are listed as Akbank, Albaraka Türk Katılım Bankası, Denizbank, Garanti BBVA, Halkbank, İş Bankası, Kuveyt Türk Katılım Bankası, QNB Finansbank, TEB, Türkiye Finans Katılım Bankası, VakıfBank, Vakıf Katılım Bankası, Yapı Kredi, Ziraat Katılım Bankası and Ziraat Bankası.