Turkey signs InnovFin-backed SME deal
SMEs in Turkey are to enjoy easier access to risk capital thanks to a deal signed today by the European Investment Fund (EIF) and Türkiye Sınai Kalkınma Bankası (TSKB).
The deal will allow the bank to enter into new loan agreements with SMEs as well as small midcaps for a total of €20m over the next two years and is supported by the InnovFin SME guarantee, a new EU-backed loan facility under the Horizon 2020 programme.
“Turkey has a long association with EU research and innovation programmes. The InnovFin SME Guarantee deal signed today under Horizon 2020 will support Turkey’s dynamic economy by opening up new financial opportunities for innovative companies,” said science and innovation commissioner Carlos Moedas.
The loans to finance innovation activities will be guaranteed up to 50% by the EIF and EU under the InnovFin SME Guarantee, which targets early and development stage companies as part of ‘InnovFin – EU Finance for Innovators’, a new generation of EU financial instruments and advisory services to help innovative firms access finance more easily.
Turkey has been a candidate for EU membership since 1999 and began accession negotiations in 2005. It became the third EU partner country to become associated to Horizon 2020 in June 2014.
