Interest Rate Reduction for Tradesmen and New Support Packages Announced

Expected Interest Rate Cut for Tradesmen

The Turkey Union of Tradesmen and Craftsmen Credit and Collateral Cooperatives (TESKOMB) Presidents Meeting was held in the Belek Tourism Center of Antalya. TESKOMB President Patron Bolat emphasized that the demands of tradesmen are always a priority and that support processes will continue.

25% Interest Rate Reduction

Bolat stated that interest rates on tradesmen loans would be reduced by 25% at the beginning of the new year. He expressed that efforts to implement this interest rate reduction, particularly for Halk Bank loans, would be realized soon. Bolat said that this development would provide significant support to tradesmen.

Increased Upper Limit for Commercial Vehicles

Bolat mentioned that support for tradesmen continues, providing the following information: "The upper limit for tradesmen loans for commercial vehicle purchases has been set at 2.5 million lira. This new upper limit will also be applied to machinery purchases."

High Demand for Tradesmen Loans in 2023

Bolat stated that the demand for tradesmen loans has been quite high this year, noting that the total loans have reached 148 billion lira, which is 46% higher than last year. However, he emphasized that there are still pending applications and expressed hope that this situation would be resolved by December 31.

Improvements in Invoicing

Bolat highlighted the importance of delays in invoicing practices. He recalled that a one-year deferral was made last year and noted that they had received similar requests for this year and were working on it. Thanking the Ministry of Treasury and Finance, he announced that the 30% invoicing application would be postponed for another year.