The Turkish government and 13 banks have joined efforts to provide a TL 20 billion ($3.7 billion) finance package for small and medium-sized enterprises (SMEs) that have annual turnovers of less than TL 25 million. Between 20,000 and 40,000 SMEs will benefit from this package, and they may benefit from the six-month, nonrefundable loan package with a 1.54-percent monthly interest rate. Firms in the manufacturing and export sectors will receive TL 1 million, and enterprises operating in other sectors will receive TL 500,000. The SME credit package was created by lenders, and it will not affect the country's treasury. 

In Turkey, SMEs account for more than 99 percent of all businesses, 73 percent of employment, 55 percent of total investments and 55 percent of exports, the OECD report shows. SMEs will create a valuable contribution to production, employment and exports.

In order to raise moral values in the economy, it will create a positive start in the new year, and the package is very important and meaningful in terms of financing, which is the main problem of SMEs. It will be a lifeline for the Turkish economy and that it comes at a time when financial resources are extremely limited.