The details of the support for merchants and artisans, dubbed the “Return to Life Loan”, announced by President Recep Tayyip Erdoğan, have been shaped.

According to information obtained from the Ministry of Finance and Finance, craftsmen and craftsmen operating in Adıyaman, Hatay, Kahramanmaraş, Malatya, Osmaniye provinces and all their districts and İslahiye and Nurdağı districts of Gaziantep will benefit from such support.

The support package was created to provide financial support for the working capital needs of merchants operating in the earthquake-affected provinces and districts.

Consequently, merchants and artisans will receive a 60-month commercial loan with a 12-month grace period, up to a maximum of 250,000 lira. Although the interest rate of the loan is determined at 7.5 percent, half of the loan will be backed by the Ministry of Finance.

The payment frequency will be in 1, 3, or 6 monthly installments following the 12-month grace period. The guarantee of the Merchants and Artisans Credit Guarantee Cooperatives (ESKK) will be taken for existing cooperative members, and a guarantee will be taken in favor of the bank for direct disbursements.

AVAILABLE UNTIL THE END OF THE YEAR

Other conditions of the loan are the following:

* The conditions for the use of the credit package have also been determined. Consequently, it will be available to merchants and artisans who suffered heavy damage in the earthquake and had fiscal registration before February 6.

* The interest that the client will accrue during the grace period will be divided into installments for the following year in accordance with the payment schedule and will be collected throughout the term.

* The credit limit will not be included in the existing personal business loan upper limit, it will be defined additionally. At the same time, merchants who have used the Earthquake Workplace Purchase or Support Credit will not be able to take advantage of this credit.

* The merchant’s activity condition will be controlled only in a dematerialized way and those who temporarily interrupted their activities due to the earthquake may also benefit from the loan.

* The disbursement will be made to individual companies registered in the chamber of merchants and artisans and registry.

* The credit package will expire on December 31, 2023. (BRITISH AUTOMOBILE CLUB)