Local Turkiye

Turkey supports SMEs against effects of COVID-19

Turkish small, medium enterprises given economic support by Industry and Technology Ministry

The Turkish Industry and Technology Ministry on Wednesday announced support for the country’s small and medium enterprises (SMEs) against the effects of coronavirus pandemic.

The ministry said in a statement that SMEs Development Organization of Turkey (KOSGEB) loans were postponed for three months, and it gave additional four months for their projects.

The ministry also said SMEs, which produce medical protective goods, will be given additional support.

Mustafa Varank, the industry and technology minister, said: “Our enterprises which manufacture products such as disinfectants, protective clothing, glasses, masks and gloves with domestic sources, will be able to benefit from KOSGEB’s TEKNOYATIRIM [technologic investment] Support Program.”

KOSGEB will provide support up to 6 million Turkish liras (some $940,000) for these projects. 4.2 million liras ($657,000) of this amount will be loan.

Varank said with its supports, the ministry will contribute to manufacturing these products, of which demand rose after the COVID-19 outbreak.

The minister also said firms in Turkey’s teknoparks (technology development zones) will not pay rent for two months.

Some 5,682 firms, which employs 58,241 personnel, are active in teknoparks, he reminded.

Turkey has so far 1,872 confirmed cases of coronavirus pandemic, with the death toll at 44, according to the Health Ministry.

After first appearing in Wuhan, China last December, the novel coronavirus has spread to at least 170 countries and territories. The World Health Organization has declared the outbreak a pandemic.

The number of confirmed cases worldwide has now surpassed 425,000 while the death toll is nearly 19,000 and over 109,100 have recovered, according to data compiled by the U.S.-based Johns Hopkins University.

Despite the rising number of cases, most who contract the virus suffer only mild symptoms before making a recovery.

Anadolu Agency

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