Microloans are an increasingly popular method to finance low-income entrepreneurs. (source)
The branch was financed by Vuslat Doğan Sabancı, the chairman of Hürriyet A.Ş. Speaking at the opening ceremony, Sabancı noted the high performance of microloans in an environment where non-performing loans have reached 5 percent to 6 percent in regular credit. She also noted that it is mostly female entrepreneurs who tap into these loans. “Loans to women have a return in better education, better nutrition and a better life for the family,” she said.
Speaking to the Hürriyet Daily News & Economic Review, Sabancı said one of the best ways to eradicate gender inequality is to involve women in the economy.
“Microloans are a path to that,” she said. “They not only have a positive effect on income, but also on income distribution.” Sabancı noted that in addition to microloans, a grant of as low as 500 Turkish Liras per person could change a life.
Sabancı also said Turkey ranked among the top economies in the number of female CEOs. “This success at the top has to be seen below, too,” she said. “Thus, female managers like me have a duty to fulfill.”
Among the first recipients
Emine Çiçek, one of the first women entrepreneurs in Istanbul to use microloans, also attended the ceremony. Çiçek said she took a loan of 1,000 liras, which was used in the textile sector. “I am producing and selling underwear and hosiery. I have already paid back one-fifth of the loan,” Çiçek said.
Eyüp Can, the editor-in-chief of Radikal newspaper, told the Daily News that the scheme has been very successful in the southeastern city of Diyarbakır. “We have to make people believe in this. In an environment in which the culture of grants is widespread, people are trying to prove that it is possible to be entrepreneurs with small amounts of money.”
Columnist Meral Tamer, meanwhile, said microloan facilities in big cities could pose problems. “I hope this endeavor succeeds,” she said.
Microloan branches in Turkey are established through grants and funds provided by the provincial administrations. The establishment of the branches is also supported by HSBC, Citibank, the Whole Planet Foundation, the Open Society Foundation and several municipalities.
Wednesday’s ceremony was also attended by Istanbul Gov. Hüseyin Avni Mutlu, former minister Abdülkadir Aksu, businessmen Aydın Doğan and Ali Sabancı, journalists Sedat Ergin, Yalçın Doğan, Serpil Yılmaz, Gila Benmayor and Doğan Hızlan and also Enis Berberoğlu, the editor-in-chief of Hürriyet newspaper.
Source : http://www.hurriyetdailynews.com/n.php?n=microloan-facility-launched-in-istanbul8217s-bagcilar-2011-02-09 - Feb 09, 2011
