EBRD lends $14.4M to Turkish factoring firm

By Tuba Sahin

ANKARA (AA) – The European Bank for Reconstruction and Development (EBRD) has issued a loan of 50 million Turkish liras ($14.43 million) to a Turkish factoring company, the bank announced Tuesday.

The EBRD is a 9.5 percent shareholder in TAM Faktoring and has previously provided a 30 million lira ($8.6 million) loan.

"The loan to TAM Faktoring which primarily serves micro, small and medium-sized enterprises (MSMEs), aims to expand the availability of credit for such firms, particularly in regions in need of an economic boost,” the EBRD said in a statement.

Jean-Patrick Marquet, EBRD director for Turkey, said: "Availability of credit is a key factor in the development of small businesses and we are pleased to extend our second credit line to TAM Faktoring to help broaden access to finance for such companies."

Kunter Kutluay, general manager of TAM Faktoring, said the loan would “strengthen our capability to provide fast and efficient access to finance for our current and future customers”.

“It is also a great example of our long-term commitment to the Turkish MSME sector,” he added.