ING Groenbank launches microfinance in Turkey

ING Groenbank (Green Bank) is offering a microfinance loan of € 30 million to ING Turkey via FI Lending. This marks the start of the bank’s microfinance services in Turkey.

ING Turkey will distribute this money via its own branch network to finance micro-entrepreneurs with otherwise little or no access to the financial system.

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Impulse for micro-entrepreneurship in Turkey

‘Orange’ is all about seeing opportunities in all things, both large and small. That’s why ING encourages entrepreneurship everywhere: close to home in the Netherlands, but also further afield. Unfortunately, not everyone enjoys equal opportunities. To give Turkish micro-entrepreneurs their chance to start and grow their own business, ING is starting to offer microfinance in that country this year.

ING Green Bank has extended a loan of € 30 million for this purpose. ING Turkey, in turn, will use this money to distribute microloans through its own branch network to entrepreneurs with otherwise little or no access to finance. The micro-entrepreneurs can use these microloans to start up or expand their business in, for instance, small-scale agriculture or textiles.

Already contributed to over 500,000 micro-enterprises

ING Green Bank has been extending microloans to micro-entrepreneurs in developing countries since 2005. Full advantage is taken of the expertise already present within ING: ING Green Bank supplies the funding and the microfinance expertise, FI Lending contributes its specialised knowledge for structuring the loan, and the ING subsidiary mobilises its branch network to ensure the money reaches the local micro-entrepreneur. In taking out the loan, the micro-entrepreneur not only invests in his or her own future but also in the local community.

To date, ING has already contributed to over 500,000 micro-enterprises. This new loan of € 30 million marks the start of the bank’s microfinance services in Turkey – and sends out a powerful signal to Turkish entrepreneurs, both large and small, that ING is ready to help them create opportunities and build businesses.

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