The Decree on Amendment to the Decree on the Procedures and Principles Pertaining the Treasury Support for the Credit Guarantee Institutions has entered into force after being published in the Official Gazette.
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Credit support for maritime sector
The Decree on Amendment to the Decree on the Procedures and Principles Pertaining the Treasury Support for the Credit Guarantee Institutions has entered into force after being published in the Official Gazette. According to this decree, Undersecretariat of Treasury will provide support to the banks described in the Article 3 of the Banking Code no 5411 and to the credit guarantee institutions at which the financial leasing companies authorized within the scope of Financial Leasing Code no 3226 have shareholding, in order to ensure efficient operation of the credit system by improving the access to the financing by Turkish national real persons, SMEs (Small or Medium Sized Enterprises) and the enterprises operating in shipbuilding and ship industry. The Credit Guarantee Fund which was supporting only SMEs before will also provide financial support to the enterprises operating in shipbuilding and ship industry. The surety amount that will be provided to the operation credits of the maritime sector will not exceed 7 million TL for each beneficiary, 10 million TL for the beneficiaries under a risk group, 20 million TL for each beneficiary for the investment credits of maritime sector and 30 million TL for the beneficiaries under a risk group in this sector.
The maturity date of the operation credits of the maritime sector will be maximum three years, the first year of which will be without principal repayment; the maturity date of the investment credits of the maritime sector will be maximum eight years, the first three years of which will be without principal repayment. The interests with regard to the grace period will be accrued and collected at the end of the yearly terms. In benefiting from the operation and investment credits for the maritime sector, it will be required that the maturities of the existing credits of the beneficiaries they used for the same ship will be structured in harmony with the maturity of the new credit.
At least 10% equity capital will be provided
In the investment credits for the maritime sector, at least 10% of the cost of the ship to be built will be provided by the beneficiary as equity capital. While evaluating the surety applications, a document to be obtained from the Ministry of Transport proving that the beneficiaries are operating the business, along with the expertise report prepared by the classification institutions assigned by the Ministry of Transport for determining the cost of the activities the credit will be granted for. Providing surety by the institution for the credits to be granted for the ships subject to maritime credits will be possible on the condition that it is confirmed in written agreement that the securities of the previously used credits will be shared equally between the lenders for which the security was established and the lenders who provided the credit based on the surety. The institution may be a party to the mentioned securities that are a part of the share of the lenders who granted the credit pursuant to the surety at the rate of its surety amount..