Member News: KGF partners with EBRD to Expand Financing for Women-Led SMEs
SME Finance Forum member Turkey’s Kredi Garanti Fonu (KGF), a credit guarantee institution, and the EBRD are joining forces to expand financing for small and medium-sized businesses led by women.
The partnership will enable the EBRD to unlock €300 million in new financing to support women’s entrepreneurship in a country where only 34 percent of women participate in the workforce.
Women running their own businesses find it particularly hard to access affordable financing. They generally tend to borrow from friends and family rather than from a formal financial institution.
- Agreement to unlock €300 million in new financing for women entrepreneurs
- Turkey’s Credit Guarantee Fund to provide risk mitigation
- Garanti Bank among local lenders seeing demand for credit from women-run firms.
The agreement was signed by the Fund’s Deputy General Manager Caner Teberoğlu and EBRD Managing Director for Turkey Arvid Tuerkner, on the sidelines of the EBRD’s Annual Meeting and Business Forum at the Dead Sea, Jordan.