One of the most important risks that the new type of coronavirus (Covid-19) epidemic affecting the world will create in the global economy is the failure to pay commercial receivables. In Turkey, this risk is a major source of concern, especially for SMEs, which are seen as the backbone of the economy.
The new decision of the Ministry of Treasury and Finance regarding state-supported commercial receivable insurance for SMEs, taken in addition to the “Economic Stability Shield” package, will provide relief to businesses that are worried about their commercial receivables during this period.
With the decision that will come into force on April 1, the scope of “state-supported commercial receivable insurance”, which is currently provided only to institutions with an annual turnover of 25 million lira and below, will be expanded. Thus, all SMEs with an annual turnover of up to 125 million lira will benefit from this opportunity.
With the decision coming into force, all SMEs will have the opportunity to insure their commercial receivables against the risk of non-payment.
- 750 thousand lira guarantee limit per buyer
The Ministry’s “Communiqué on Amendments to the State-Sponsored Commercial Credit Insurance Tariff and Instruction Communiqué for Small and Medium-Sized Enterprises” was published in the Official Gazette on March 25.
According to the new regulation, a guarantee limit of up to 750 thousand lira per buyer will be provided to SMEs that want to insure their commercial receivables. This figure can be increased by taking into account risk assessment criteria. Receivables insurance will not provide coverage for sales made to real persons who do not have the title of merchant.
In addition to the state support for the “state-supported commercial receivable insurance for SMEs” system, which will be a great assurance for small and medium-sized businesses in terms of financial risk management, domestic and international companies in this field under the leadership of Türk Reasürans AŞ also provided reinsurance support.
Small businesses that want to insure their commercial receivables will be able to access detailed information via “www.alacaksigortasi.gov.tr”.
Source: https://www.aa.com.tr/tr/ekonomi/kobi-alacaki-devlet-garantisunu/1781324
