Support for university graduate young entrepreneurs: Interest-free 1 million lira loan opportunity! What are the payment terms? Who can apply?

In this period when unemployment is at its peak, major loan campaigns have begun to be organized to pave the way for those who are starting a new business or want to develop their existing business.

A bank is offering university graduates an opportunity for a loan of up to 1 million lira with a 36-month maturity and a 6-month grace period.

WHAT ARE THE APPLICATION REQUIREMENTS?

For the First Step Loan, the main criteria are having at least a 50 percent stake in the company, having graduated from university no more than 2 years ago, and not being over 29 years old.

According to the report by Hürriyet, the company to be granted the loan must have been in operation for a maximum of 1 year, and the company must be operating or planning to operate in the field from which the founding partner graduated.

WHEN DO APPLICATIONS START?

KOSGEB has opened applications for "Business Development Support" for entrepreneurs who want to develop their business.

In applications to be made between December 1-31, 2024, entrepreneurs will be provided with up to 1.5 million TL in repayable support at a rate of 80 percent.

For entrepreneurs who are women, young, disabled, veterans, or relatives of martyrs, 150 thousand TL is added to the upper limit of support.

THE SUPPORT COVERS THE FOLLOWING EXPENSES:

-Personnel expenses,

-Machinery and equipment purchases,

-Software and service purchases (consultancy, certification, testing, and analysis),

-Marketing and design costs.

WHAT ARE THE REPAYMENT CONDITIONS?

Businesses operating in the sectors of "manufacturing, telecommunications, computer programming, consultancy and related activities, information service activities, scientific research and development activities" can benefit from the business development support.

No interest or commission will be applied to the repayable support, and businesses' repayments will begin at the end of the 36-month program period.