A new financial initiative launched by Turkey's Garanti Bank designed to support new women entrepreneurs will provide loans of up to $30,000 for women operating or launching modest businesses, or small and medium-sized enterprises (SMEs).

The project, developed by the bank in partnership with the Women's Entrepreneurial Association (KAGIDER) and known as the Women Entrepreneurs Support Package, is among the first such women-specific financing programs in Turkey and the first to be developed by Garanti, Turkey's fourth-largest private bank. Terms require the applicant to be the majority partner of the applying SME.

Financing can be accomplished in either YTL or foreign currency. The monthly interest rates to be levied will be 0.85 percent in the case of foreign currency or 1.99 percent with YTL. Maturation will be limited to a maximum of seven years.

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