Garanti and the IFC offer financing to female entrepreneurs
Garanti Bank has reached an agreement with the International Finance Corporation (IFC) to provide Turkish female entrepreneurs TRY 390 million in financing. Women with small and mid-sized businesses can apply for TRY 50,000 to TRY 500,000 in three year loans at special interest rates.
Conscious of just how crucial women are to economic development, Garanti CEO Fuat Erbil stressed that increasing the number of female entrepreneurs and helping them expand their businesses is a priority for the bank: “We fully believe that the women’s determination and entrepreneurial spirit will make a great contribution to the Turkish economy.”
The new agreement with the IFC is the result of Garanti’s efforts under its comprehensive female entrepreneurship program. The aim of this program is to create resources that encourage women to seek funding for their businesses and facilitate access to financing. Since 2006, the program has provided women entrepreneurs a total of TRY 5.5 billion in financing.
“As the first private bank in Turkey supporting female entrepreneurship, we are pleased to provide a support package under such favorable terms at a time when access to finance can be challenging,” concluded Erbil.