Exploding Opportunities: Euro 250M Fund for Turkish Young Bloods in the Entrepreneurship Arena
Fund initiated by EBRD to support innovative business ventures spearheaded by young Turks
The European Bank for Reconstruction and Development (EBRD) is bolstering the Turkish business landscape with a grand new initiative. Known as the Youth in Business program, this scheme, worth a whopping €250 million, is specifically designed for enterprises run by young Turks under the age of 35.
The move, backed by the Turkish government and the European Union (EU), aims to equip these ambitious entrepreneurs with financial aid, knowledge, and critical business development services they need to grow.
The program'sAction Plan
The Youth in Business program offers some exciting firepower to boost your entrepreneurial endeavors:
- Cash Infusion: Obtain financial aid through partner banks such as Akbank, Şekerbank, and TEB.
- Risky Business Made Manageable: Secure technical cooperation and risk cover for these banks, so they can lend more securely to you.
- Skill-Boosting Resources: Access non-financial business development services to enhance your expertise and business savvy.
Where's the Boom Location?
The program has a special focus on channeling 70% of the financing to businesses based in areas affected by the February 2023 earthquakes. This targeted support aims to mitigate the economic toll of the disaster and preserve human capital in these hard-hit regions.
Are You Eligible?
As a young entrepreneur in Turkey, you stand a grand chance to reap the benefits of this program, as long as you meet the criteria:
- Age: You must be under 35 years old.
- Enterprise Size: Your business must fall under the micro, small, or medium-sized categories.
- Ownership and Management: Your business should be either majority-owned or managed by individuals under 35.
- Affected Region: Your business can be located anywhere in Turkey, but preferably in regions impacted by the earthquake.
Joining Hands for a Successful Future
The program is structured to deliver financial aid via partner banks in Turkey, such as Akbank, Şekerbank, and TEB. By partnering with these financial institutions, the EBRD enables them to lend more effectively to young entrepreneurs. So, gear up and let's make Turkey's entrepreneurial future shine!
This European Bank for Reconstruction and Development (EBRD) initiative, called the Youth in Business program, offers a significant €250 million to small-businesses run by young Turks under 35 years old, to stimulate entrepreneurship. The program provides financial aid, risk cover, and business development services through partner banks like Akbank, Şekerbank, and TEB, with a focus on providing 70% of the financing to businesses based in regions affected by the February 2023 earthquakes.
