Garanti Leasing, part of the financial-group Garanti Romania, has signed a loan agreement for EUR 7.5 million with the Black Sea Trade and Development Bank (BSTDB). The facility was granted for 5 years and will be used to support Garanti Leasing’s activities and diversify its funding sources for on-lending to small and medium-sized enterprises (SMEs), according to the bank press release.

Currently, 99% of Garanti Leasing’s clients are companies from sustainable market segments, such as transportation, logistics, medical sector, agricultural, constructions, heavy industry, etc.

 “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. Therefore, we are glad to start this partnership aimed at improving access to finance for SMEs, and also benefiting the development of Romania’s economy”, stated Okan Yurtsever, General Manager, Garanti Leasing.

“At a time when businesses continue to face limited access to financing mechanisms, leasing serves as an alternative funding source stimulating job creation and income generation. We expect that the financing we are providing today will also contribute to the regional cooperation between Romania and Turkey, which is a BSTDB objective as a regional development bank”, said Mr. Nejdet Sarisozen, BSTDB Director for Financial Institutions.

BSTDB extended its first leasing facility in the Black Sea region in 2003 and since then has signed 16 leasing operations in the amount of EUR 103 million in Bulgaria, Georgia, Moldova, Romania, Russia, and Turkey. The loan to Garanti Leasing increases the amount of signed leasing operations to over EUR 110 million.