Garanti Leasing takes out EUR 7.5 mln from BSTDB to finance local SMEs

Newsroom 08/05/2014 | 18:38

The Black Sea Trade and Development Bank (BSTDB) has signed off a EUR 7.5 million loan deal with Garanti Leasing, part of the financial group Garanti Romania. The loan, which has a five-year maturity, which will be used by Garanti to finance small and medium-sized enterprises in Romania.

The client portfolio of Garanti Leasing comprises companies that are active in various sectors including logistics, transportation, agriculture and construction.

“Three years ago we started focusing on the corporate and SME segments, responding to our clients’ financing needs. The small and medium-sized companies represent a priority for the Romanian economy and need diversified sources of financing to provide for business growth,” said Okan Yurtsever, general manager of Garanti Leasing.

Nejdet Sarisozen, BSTDB’s director for financial institutions, commented the leasing serves as an alternative funding source to create growth in the economy, as companies are still struggling to gain access to finance.

The BSTDB has signed 16 leasing operations worth EUR 103 million since 2003 in the Black Sea region. The latest loan deal has increased the total amount of signed leasing operations to over EUR 110 million.