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Small and medium business loans in Northern Cyprus

Small and medium business loans in Northern Cyprus

Loans in Northern Cyprus for small and medium-sized businesses aimed at overcoming the crisis in connection with the coronavirus epidemic.

Yesterday, at a meeting devoted to overcoming the economic difficulties. Caused by the Covid-19 epidemic that affected the whole world. And supporting the work of enterprises and the level of employment in small and medium-sized businesses. The Board of Directors of the TRNC Development Bank. Approved a package of loans for 50 million Turkish liras.

According to the statement made by the Development Bank In accordance with the instructions of the Deputy Prime Minister and Minister of Foreign Affairs Kudret Ozersay. There is an intensive preparation of the infrastructure. For the possibility of filing applications and conducting their assessment online. In order to protect public health and create a safe environment. For work of employees of institutions.

Statement content:

“As elsewhere in the world, to overcome a difficult period. The TRNC Development Bank began the necessary research and preparation. From the very first days of the crisis. To provide financial support to enterprises. The Bank prepared various loan packages for small and medium-sized enterprises. And submitted them for approval by the Board of Directors.

In order to be able to issue loans to as many enterprises as possible using available resources. The packages are designed so that their size does not exceed 10% of the number of jobs. And the annual turnover of the company.”

Terms of 4 announced packages:

PACK 1:

At least 1 employee
determine the maximum credit limit in the amount of 100,000 TL,. But not more than 10% of the annual turnover,
Guarantees: a loan is issued in the presence of 2 (two) guarantors.

PACK 2:

Minimum 5 employees
determine the maximum credit limit in the amount of 101,000 TL to 000 TL. But not more than 10% of the annual turnover
Warranty:

Option 1: Provision of a Bank guarantee letter with a minimum of 50% of the loan and / or real estate pledge in a mortgage. And the provision of two guarantors for the remaining credit limit,

Option 2: Providing 4 guarantors or bank letters of guarantee or real estate pledge in a mortgage.

PACK 3:

Minimum 7 employees
determine the maximum credit limit in the amount of 201,000 TL to 300,000 TL. But not more than 10% of the annual turnover,
Guarantees: Providing a Bank guarantee letter of at least 75% of the loan. Or real estate pledge in a mortgage, and for the remaining credit limit. The provision of two guarantors,

PACK 4:

Minimum 15 employees
determine the maximum credit limit in the amount of 301,000 TL to 500,000 TL. But not more than 10% of the annual turnover.
Guarantees: Provision of a Bank letter of guarantee and / or pledge of real estate in a mortgage.

APPLY TO ALL PACKAGES:

6-month grace period, 3-year repayment period,
Provide a loan to enterprises that carry out activities and / or whose activities are stopped, upon their request and if there is a need for working capital,
Finance the actual need for working capital needed 180 days before the date of application for a loan,
There are no costs for obtaining a loan,
Accept applications for all packages until June 30, 2020,

Accept the guarantors indicated in Package 1 and Package 2 if they have a net monthly income of 5,000 TL and their market reputation is positive.

Source: Gundem Kibris (translated by Julia Ozerce)

Coronavirus in Northern Cyprus: See the mode of operation of the Veles Property quarantine offices here.

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