OCDE - Financing SMEs and Entrepreneurs 2026 - Turquía de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Key facts on SME financing In 2023, Türkiye’s economy remained resilient despite major shocks , including the February 2023 earthquake, global supply disruptions, and geopolitical tensions. GDP grew by 5.1%, supported mainly by strong domestic demand and a solid services sector, especially tourism. On infl ation, pressures from energy and core goods eased somewhat in the first half of 2023 as energy price i ncreases slowed and exchange rates stabilised. However, from the second half of 2023, Türkiye began a tight mone tary policy stance to fight inflation. In 2024, growth moderated to 3.2% as the disinflation strategy introduced in mid2023 (including sharp monetary tightening, with the policy rate rising from 8.5% to 50%) reduced domestic demand momentum . Inflation remained high and kept rising until May 2024, mainly due to per sistent services inflation, but then peaked and started to decline. Despite tight credit conditions, new SME lending increased by 33.6% in 202 3-2024 period. In the same period, the share of outstanding SME loans in outstanding total business loans decreased to 35.2%. As of April 2025, outstanding SME loans increased by 33.2% compared to same period in 202 4, reaching TRY 4917.1 billion. In this period, TRY 1.188 billion of new loans (FX adjus ted) were provided to SMEs. The currency distribution reveals that TL loans account for 80.7% of the total SME loans. Moreover, as of April 2025, 57.5% of the total amount of SME loans have medium / long-term maturities . Venture and private equity investments have increased markedly . After a sharp rise in 2020 (151. 38% from 2019) investments increased again in 2021 (269.06% yearon-year amounting to TRY 5.6 billion).

Venture and private equity investments have increased markedly . After a sharp rise in 2020 (151. 38% from 2019) investments increased again in 2021 (269.06% yearon-year amounting to TRY 5.6 billion). That growth momentum continued into 2023 with an increase of 392.12% year-on-year reaching a record high of TRY 33.9 billion. By the 9-month period of 2024, these investments increased 4.64% year-on-year amounting to TRY 35.5 billion. Such impressive growth in the last years can be expl ained by the change of the legal framework in order to support entrepreneurship in Türkiye. Similarly, tax incentives for investors who invest in venture capital and private equity funds also supported the growth of the VC industry. The share of non-performing loans (NPLs) in total business loans decreased to 1.49% and the share of NPLs of SME loans increased 1.98% in 2024. The number of bankruptcies was stable in 2024. Company closures, including sole proprietorships, totalled 55 674 enterprises in 2024, lower than the figure in 2023 . KOSGEB is the main body for executing SME policies in Türkiye, with the goal of increasing the productivity of these businesses through various services and programmes. The support programmes of KOSGEB, which provides direct servic es and support to SMEs, were restructured in 2024 and the number of programmes was reduced and gathered around lean, accessible, and digital axes. A fund of funds platform was established in 2024 with the Ministry of Treasury and Fi nance and Development and Investment Bank of Türkiye (TKYB) as the main investors. This fund of funds is expected to contribute to increasing technological competence of Türkiye and create a significant multiplier effect in the entrepreneurship ecosystem by deepening capital markets through the leverage effect. Türkiye2 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

to contribute to increasing technological competence of Türkiye and create a significant multiplier effect in the entrepreneurship ecosystem by deepening capital markets through the leverage effect. Türkiye2 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Within the Treasury backed credit guarantee system (system) that plays as a critical role in SME financing, besides the “Credit Guarantee Fund” (CGF), “Export Development Türkiye” (İGE) and “Katılım Finans Kefalet A.Ş.” (KFK) started to their guarantee act ivities in 2023 and 2025 respectively. Between 20232025, with approximately total TRY 285.4 billion credit was utilised by firms and within the system 78% of credits used by SMEs. In 2024–2025, TÜBİTAK adopted a more SME -friendly approach, improving application processes and shortening evaluation times across its SME and entrepreneurship programmes . Under this framework, entrepreneurs receive acceleration and investment support through the BİGG Funds and the BİGG+ Venture Capital Investment Fund, which provides seed finance for scaling. Key SME instruments, notably the 1501 Industry R&D Programme and the 1507 SME R&D Entry Programme, strengthen R&D capacity, widen first-time participation, and support commercial outcomes. The 1507 programme provides a dedicated track for SMEs’ first five R&D project s. Over the last five years, first-time applicants accounted for 45% of entries to 1507 and over 20% to 1501. A 2025 analysis showed net sales growth of 140 .5% above comparable non-supported firms under 1501 and 255.2% under 1507. TÜBİTAK also uses demanddriven innovation including the 1707 Customer-Oriented R&D Call and the 1711 AI Ecosy stem Call both of which connect customer organisations with SME technology providers. Over the last two y ears, as a

driven innovation including the 1707 Customer-Oriented R&D Call and the 1711 AI Ecosy stem Call both of which connect customer organisations with SME technology providers. Over the last two y ears, as a total of 4.861 projects of 3.562 SMEs and entrepreneurs have been supported with TRY 11.2 billion. In addition, the criteria used to identify SMEs in Türkiye have been updated with the SME Regulation published in the Official Gazette of Türkiye dated August 7 (Official Gazette of Turkish Republic, 2025) . Under this Regulation, the SME definition has changed to include more enterprises wit hin the scope of support. The annual turnover or annual balance sheet limit, which is one of the criteria for becoming an SME was increased from TRY 500 million to TRY 1 billion . 3

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Table 1. Scoreboard for Türkiye Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs TRY billion 76.5 84.6 83.3 125.5 162.8 199.7 271.4 333.3 388.8 420.5 513.2 611.3 615.4 848.8 1 074.2 2 026.6 3 199.2 4 274.8 Outstanding business loans, total TRY billion 190.6 250.3 262.7 353.2 459.0 528.9 715.5 884.7 1 100 1 314 1 608.9 1 890 2 067 2 755.7 3 914 6 033.9 8 958.0 12 154 Share of SME outstanding loans % of total outstanding business loans

Share of SME outstanding loans % of total outstanding business loans 40.14 33.80 31.70 35.52 35.47 37.77 37.94 37.67 35.34 32.00 31.90 32.34 29.73 30.80 27.44 33.59 35.71 35.17 New business lending, total TRY billion 5 396.7 7 753.4 11 578 New business lending, SMEs TRY billion 1 954.3 3 342.8 4 788.8 Share of new SME lending % of total new lending 36.21 43.11 41.36 Outstanding short-term loans, SMEs TRY billion 846.8 1 030.8 1 457.6 Outstanding long-term loans, SMEs TRY billion 1 179.7 2 168.5 2 817.2 Share of short-term SME lending % of total SME lending 41.79 32.22 34.10 Government loan guarantees, SMEs TRY million 73 236 501 708 902 973 996 1 261 1 950 4 205 142 020 55 796 51 524 124 300 13 836 70 700 149 026 56 497 Government guaranteed loans, SMEs TRY million 114 341 670 982 1 250 1 312 1 303 1 622 2 513 5 250 157 588 63 810 64 018 155 200 16 813 82 292 179 740 68 147 Direct government loans, SMEs USD million 552 842 997 855 1 174 928 2 632 1 709 1 764 1 749 285 457 200 674 2 087 3 908

740 68 147 Direct government loans, SMEs USD million 552 842 997 855 1 174 928 2 632 1 709 1 764 1 749 285 457 200 674 2 087 3 908 Non-performing loans, total % of all business loans 3.80 3.70 4.91 3.43 2.61 2.82 2.69 2.64 2.68 2.90 2.81 4.01 5.96 4.69 3.35 2.18 1.62 1.49 Non-performing loans, SMEs % of all SME loans 3.62 4.79 7.64 4.49 3.10 3.17 3.12 3.27 3.92 4.90 4.71 6.69 9.21 6.44 5.25 2.81 1.75 1.98 Non-bank finance Venture and growth capital TRY million 13.7 0.9 6.3 47.6 373.2 110.1 335.6 124.4 135.3 343.2 435.1 903.6 600.4 1 509.4 5 570 6 900.5 33 958 35 534 Venture and growth capital (growth rate) %, Year-on-year growth rate

-93.76 639.58 652.90 684.82 -70.50 204.78 -62.93 8.77 153.64 26.79 107.65 -33.55 151.38 269.06 23.87 392.12 4.64 Leasing and hire purchases TRY million 11 661 14 385 11 066 10 711 15 112 17 154 24 957 29 485 36 718 44 022 52 018 60 707 48 721

Leasing and hire purchases TRY million 11 661 14 385 11 066 10 711 15 112 17 154 24 957 29 485 36 718 44 022 52 018 60 707 48 721 57 278 83 203 117 980 189 714 234 275 Factoring and invoice discounting TRY 6 223 5 610 8 351 12 370 14 213 16 328 20 096 24 715 24 994 31 027 41 599 31 410 34 026 44 565 59 543 127 287 196 910 287 991 Other indicators4 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Notes: The data presented in this section do not refer to outstanding values but show the new investments each year. Since annual data has not been announced yet, 9 month data for 2024 is presented in this table. The data (2020) refer only to the data on the guarantees and loans used under the Treasury-Backed Guarantee System, which does not include the data that is related to KGF equity guarantees.

Bankruptcies, total Number 52 47 50 68 72 141 69 99 108 222 131 105 97 68 108 109 104 113 Bankruptcies, Total (growth rate) %, Year-on-year growth rate

-9.62 6.38 36.00 5.88 95.83 -51.06 43.48 9.09 105.56 -40.99 -19.85 -7.62 -29.90 58.82 0.90 -0.45 8.65 5

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Macroeconomic and financing conditions

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Macroeconomic and financing conditions During 2022-2023, Türkiye's economy demonstrated resilience despite facing multi ple shocks, including the lingering pandemic effects, the large-scale aggression of Russia against Ukr aine impact on global supply chains and commodity, food and energy prices, the devastating February 2023 Kahramanmaraş earthquake, and heightened geopolitical tensions in the region. Despite these challenges, economic activity remained robust, primarily driven by domestic demand. Over those tw o years, total domestic demand contributed an average of 6.3 percentage points to annual growth. Private consumpti on was the main driver, accounting for 8.2 percentage points, largely reflecting goods consumption. Gross investment added 1.5 percentage points to average annual growth. The increase in domestic demand was supported by an accommodative policy stance and expenditures related to earthquake recovery, both serving as key drivers. The services sector, including tourism and related industries, performed well and con tinued to support economic activity during this period. In this context, Turkish economy maint ained uninterrupted growth during this period, with GDP expanding by 5.4% in 2022 and 5.0% in 2023. Over these two yea rs, the labour market remained strong, with steady non-farm employment growth. Tourism played a significant role in job creation, as increasing visitor numbers boosted employment gains in transportation, accommodation, and food services. On the external balance side, while exports remaine d strong, rising energy and commodity prices led to increased imports, thereby widening the trade deficit. 2022 was a year of high inflation for Türkiye, mainly due to exchange rate de velopments, rising international energy commodity prices and supply constraints combined with strong domestic demand. Throughout the 2022, annual inflation was driven primarily by food and non-alcoholic beverages, core goods, which were highly affected by exchange rate developments, and the energy group, whic h was affected by TL-denominated energy prices. In the first half of 2023, the contribution of energy and core

Throughout the 2022, annual inflation was driven primarily by food and non-alcoholic beverages, core goods, which were highly affected by exchange rate developments, and the energy group, whic h was affected by TL-denominated energy prices. In the first half of 2023, the contribution of energy and core goods to annual inflation decreased due to the slowdown in TL-denominated energy prices and the relative stabilisation of exchange rates. Growth rates moderated gradually in 2024, reflecting the implementation of disinflationary policies introduced in mid-2023, including monetary tightening that raised the policy rate from 8.5% to 50%, which successfully began to restore macroeconomic stability and reduce inflation. Whi le economic activity lost some momentum in 2024 due to the tightening in financial conditions, the contribution of domestic demand to growth declined noticeably throughout the year. Meanwhile, the positive contribu tion of net exports became more evident, resulting in a more balanced demand composition. Against thi s backdrop, GDP increased by 3.2% in 2024. Exports grew on an annual basis in 2024, while impo rts registered a decline. The narrowing trade deficit, combined with a strong services balance, led to a significant drop in current account deficit, reaching historically low levels. Key labour market indicators pointed to continued strength in 2024. Total employment rose by almost a million compared to the previous year, while the unemployment rate declined on an annual basis. Since the second half of the 2023, Türkiye has been implementing tight monetary policy. However, yearon-year headline inflation increased up until May 2024 mainly due to the high and persistent services inflation. The time-dependent and backward-indexed pricing behaviour, prevale nt in the services sector, leads to significant inertia and a protracted impact of shocks on inflat ion. This outlook causes services inflation to weaken with a lag. Yet, after peaking in May 2024, inflation ente red a downtrend and the disinflation process is still ongoing with the tight monetary policies implemented. SMEs in the national economy

inflation to weaken with a lag. Yet, after peaking in May 2024, inflation ente red a downtrend and the disinflation process is still ongoing with the tight monetary policies implemented. SMEs in the national economy In Türkiye, an enterprise is a legal unit or a combination of legal units. The Turkish SME definition has been prepared in line with the EU definition in terms of number of employees , even though the financial thresholds applied are lower.6 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Box 1. SMEs in Türkiye The regulation on the Small and Medium-sized Enterprises entered into force on August 7 ,

2025. According to that regulation, an SME is an economic entity employing less than 250 persons and having an annual turnover or an annual balance sheet that does not exceed TRY 1 billion. The characteristics of micro, small and medium enterprises are illustrated below.

Table 2. Definition of SMEs used in Türkiye’s scoreboard Micro Enterprise Small Enterprise Medium Enterprise Employees < 10 < 50 < 250 Annual turnover ≤= TRY 10 million ≤= TRY 100 million ≤= TRY 1 billion Annual balance sheet ≤= TRY 10 million ≤= TRY 100 million ≤= TRY 1 billion Source: (Official Gazette of Turkish Republic, 2025) As illustrated in Table 3 micro-enterprises accounted for more than 90.7% of all firms in 2023, whereas only 0.3% of all firms were large enterprises. Table 3. Distribution of firms in Türkiye, 2023 Firm size (employees) Number of firms % All enterprises 3 723 944 100

SMEs (0–249) 3 713 737 99.7

Micro (0-9) 3 378 611 90.7 Small (10-49) 289 163 7.8 Medium (50 -249) 45 963 1.2

Micro (0-9) 3 378 611 90.7 Small (10-49) 289 163 7.8 Medium (50 -249) 45 963 1.2 Large (250+) 10.207 0.3

Note: Data excludes financial and insurance enterprises. Non-employer enterprises are included. The figures have been measured by the Annual Industry and Service Statistics, 2023 through administrative records and include data such as income generated, purchases, gross value added and employment costs of businesses within this part of the economy.

Source: (Statistical Institute of Türkiye, 2023) SME lending New SME lending increased by 33.6% in 2023-2024 period. In the same period, the share of outstanding SME loans in outstanding total business loans decreased to 35.2%. As of April 2025, outstanding SME loans increased by 33.2% compared to same period in 2024, reaching TRY 491 7.1 billion. In this period, TRY 1.188 billion of new loans (FX adjusted) were provided to SMEs. The curr ency distribution reveals that TL loans account for 80.7% of the total SME loans. Moreover, as of April 2025, 57.5% of the total amount of SME loans have medium / long-term maturities (which means that the original term is equal to or greater than 1 year). This also suggests SMEs have a robust access to long-term financing by ban king sector. 7

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Credit conditions Bank loans stand out as the financing method most used by SMEs of all sizes in Türkiye. Among Turkish SMEs however, micro sized enterprises have lower access to bank loans compared to small and medium ones. Results of 2025 from Survey on the Access to Finance of Enterprises survey ( SAFE) (European

Credit conditions Bank loans stand out as the financing method most used by SMEs of all sizes in Türkiye. Among Turkish SMEs however, micro sized enterprises have lower access to bank loans compared to small and medium ones. Results of 2025 from Survey on the Access to Finance of Enterprises survey ( SAFE) (European Commission, 2025) indicates 55% of medium scale enterprises use bank credits, where this ratio is 46% for small sized and 36% for micro sized enterprises. According to survey responses, the prominent reasons why SMEs that do not use bank loans are high interest rates and insufficient collateral. In recent years in Türkiye, as a result of policies aimed at facilitating SMEs' acce ss to bank loans, SMEs ’ standards have remain relatively accommodative amid tight credit conditions. The table below shows the results on the Bank Lending Survey for the question ; “how your bank’s credit standards applied to the approval of loans or credit lines to enterprises changed over the past three months”. As the figures suggest, the lending conditions for SMEs have been generally accommodative. Sinc e the end of 2023, credit standards applied to the approval of loans or credit lines for SMEs have been relatively more favourable compared to large firms. In this period when financial conditions remain tight, the credit growth restrictions have had a decisive impact on commercial credits, and the credits that are not subject to restrictions have come to the forefront in growth. While the monthly growth restriction level is 2.5% for SME credits, this rate is 1.5% for other company credits. Table 4. Changes in credit standards applied to the approval of loans or credit lines to enterprises

A. Loans to SMEs (%) B. Loans to Large Enterprises (%) 2022-Q4 0 -30,1 2023-Q1 0 -13,2 2023-Q2 -13,6 -30,9 2023-Q3 -12,3 -28,7 2023-Q4 0 -16,1 2024-Q1 6,1 -12,2 2024-Q2 -0,9 -12,3

2023-Q2 -13,6 -30,9 2023-Q3 -12,3 -28,7 2023-Q4 0 -16,1 2024-Q1 6,1 -12,2 2024-Q2 -0,9 -12,3 2024-Q3 -6,0 -17,7 2024-Q4 0 0 2025-Q1 20,2 -15,8

Source: CBRT Bank Loans Tendency Survey (Central Bank of the Republic of Türkiye, 2025) Note: CBRT Bank Loans Tendency Survey is conducted to monitor, on a quarterly basis, the loans extended by banks to non-financial companies and consumers, focusing on credit standards and other factors affecting credit supply and demand. The values shared in Table 4 represent the net percentage change in response to the question regarding how credit standards have changed over the past three months for loans extended by banks to SMEs and large businesses. In the survey, credit standards refer to the regulat ions and criteria that guide the bank's own credit policy. For example, the net percentage change in credit standards is calculated by s ubtracting the percentage of banks reporting a tightening of standards from the percentage of banks reporting a loosening of standards compared to the previous quarter. Therefore, this ratio reflects the percentage of banks reporting in that direction, not the change in standards or credit demand. This point should not be disregarded when interpreting the relevant results. For more detailed information, the metadata of the survey can be examined.8 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Figure 1. Share of SME loans in Commercial Loans by currency type As a per cent

Source: (BRSA, 2025) SME loans were supported within the framework of the selective credit growth polic y in the April 2022 – May 2023 period. In the following period, SMEs became subject to monthly credit growt h restrictions in order to slow down strong domestic demand. The scope and limit of the regulatio n changed periodically,

SME loans were supported within the framework of the selective credit growth polic y in the April 2022 – May 2023 period. In the following period, SMEs became subject to monthly credit growt h restrictions in order to slow down strong domestic demand. The scope and limit of the regulatio n changed periodically, and the growth limits were last revised in January 2025 based on firm scale. In t his context, the growth limit for SME loans was set at 2.5 per cent and 1.5 per cent for other firms. Th is distinction was made to ease the access to financing for SMEs, which are more affected by tight financial con ditions compared to other firms due to their relatively low liquidity buffers. With the decision taken in January 2025, the growth limit for TL commercial loans was differentiated as 2.5% for SME loans and 1.5% for other commercial loans during a four-week calculation period. In August of the following year, the loan growth calculation periods were extended from four weeks to eight weeks to provide the sector more flexibility in the management of loan growth limits. Accordingly, loan growth limits were established at double the current ratios for eight-week periods. Thus, the growth limit for TL SME loans for the eight-week calculation period became 5%. This regulation applies to growth in the outstanding balance of SME loans, excluding exempt loans, and is unrelated to the interest r ate. In this context, if the growth of the outstanding balance of non-exempted loans exceeds 5% in the relevant calculation period, banks establish the excess amount as a blocked reserve requirement at the CBRT for one y ear. Export, investment, agriculture, defence industry, and earthquake-related loans are among the categori es of TL SME loans that are exempt. As a result of the policies, the share of SMEs in TL and FX commercial loans has been on an upward trend since 2022. As of April 2025, SMEs hold 56.9% share of TL commercial loans and a 13.4% share of FX commercial loans. Thus, more than half of TL commercial loans are held by SMEs. Finally, during the postsince 2022. As of April 2025, SMEs hold 56.9% share of TL commercial loans and a 13.4% share of FX commercial loans. Thus, more than half of TL commercial loans are held by SMEs. Finally, during the postpandemic period of expansionary monetary policy, a significant number of small fi rms entered the credit and labour markets. (Central Bank of the Republic of Türkiye, 2025) Consequently, loans tended to be concentrated among small-scale enterprises, resulting in increased diversificati on in financing real sector firms. 9

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Export and Foreign Exchange Earning Services Rediscount Credit On October 8, 2024, the net exporter requirement for the use of the rediscount credit programme was changed with a new method that is based on a credit score. In the new model, firms are evaluated not only on whether they are net exporters, but also based on factors such as the diversity of exported products and destination markets, the technological level of the exported goods and the scale of the firm. These variables are weighted differently and incorporated into a formula to generate a unique export er score for each firm. Based on the calculated scores, firms that exceed a specified threshold are eligible to bene fit from rediscount credits. The threshold is defined as having either a performance score or a potential score , both components of the exporter score , of at least 40 points. The performance score reflects the firm’s current export diversification, while the potential score is based on ratios that measure the firm’s progress over time, comparing past data with the current period. To assist firms in adapting to this new implementation, it has been decided to all ow them to renew their existing rediscount credits during a transition period lasting until the en d of 2025. Furthermore, the new system was scheduled to be implemented as of January 13, 2025. Based on the implementation of the exporter score, the performance of 2,097 SME firms t hat utilised

existing rediscount credits during a transition period lasting until the en d of 2025. Furthermore, the new system was scheduled to be implemented as of January 13, 2025. Based on the implementation of the exporter score, the performance of 2,097 SME firms t hat utilised rediscount credits between January 13 and April 16, 2025, was analysed (see tables below). A si gnificant portion of these firms (44.1%) fell within the 40 to 60 score range, where the tot al exporter score is calculated by weighting performance and potential scores equally at 50%. The total credi t utilisation amount for firms in this group reached USD 437.88 million. On the other hand, firms with an exporter score of 40 or below accounted for 32.4% and utilised U SD 320.44 million in rediscount credits. While these firms in the group of 40 or below formed entirely of the SMEs classified as having “incapable exporter score”, their utilisation of rediscount credits still constituted more than half of the total utilisation within this group. This indicates that incapable-score firms still maintain significant access to financing. The average performance score of SME firms stands at 56.52, while the average potential score is 37.06. This disparity suggests that although SMEs currently demonstrate relatively s trong export performance, their export growth potential based on historical trends remains limited. Therefore, enhancing low potential scores will play a critical role in helping SMEs achieve sustainable export capacity. Table 5. Exporter Score Groups and their Total Utilisation Exporter Score Groups Number of SME Firms Number of SME Firms with Incapable Exporter Score Total Rediscount Credit Utilisation (Million USD) Total Rediscount Credit Utilisation with Incapable Exporter Score (Million USD) 40 and below 679 100 320.44 175.67 Between 40 and 60 924 0 437.88 0 Between 60 and 80 470 0 180.84 0

Utilisation with Incapable Exporter Score (Million USD) 40 and below 679 100 320.44 175.67 Between 40 and 60 924 0 437.88 0 Between 60 and 80 470 0 180.84 0 Between 80 and 100 24 0 6.0 0

TOTAL 2,097 100 945.15 175.67

Source: CBRT10 

FINANCING SMES AND ENTREPRENEURS 2026: TÜRKIYE © OECD 2026

Table 6. Average Exporter Score Based on SME Firms Average Performance Score of SME Firms 56.52 Average Potential Score of SME Firms 37.06

TOTAL 46.79

Source: CBRT Alternative sources of SME financing The data provided in Table 1 includes information on venture capital, private equity investments by venture capital and private equity investment companies and venture capital investment funds, which are regulated and monitored by the Capital Markets Board (CMB). After a sharp rise in 20 20 (151.38% from 2019) investments increased again in 2021 (269.06% yearon-year amounting to TRY 5.6 billion). That growth momentum continued into 2023 with an increase of 392.12% yearon-year reaching a record high of TRY 33.9 billion. By the 9-month period of 2024, these investments increased 4.64% yea r-on-year amounting to TRY 35.5 billion. Such impressive growth in recent years can be explain ed by the change of the legal framework in order to support entrepreneurship in Türkiye. Similarly, tax incentives for investors who invest in venture capital and private equity funds also supported the growth of the VC industry.

Within the scope of equity-based crowdfunding which was legalised in 2017 by an amendment to Capital Markets Law and as the secondary legislation Crowdfunding Communiqué was pub lished by the CMB in

in venture capital and private equity funds also supported the growth of the VC industry. Within the scope of equity-based crowdfunding which was legalised in 2017 by an amendment to Capital Markets Law and as the secondary legislation Crowdfunding Communiqué was pub lished by the CMB in 2019, several companies obtained licences from the CMB. As of March 20 25, eighteen companies had a licence to operate as equity-based crowdfunding platforms and, among the total number of c ampaigns conducted, 149 campaigns have been completed and funded successfully by equity-based c rowdfunding model. In addition to equity-based crowdfunding model, after additional amendments of Capital Markets Law, a renewed Crowdfunding Communiqué has been prepared and issued. (Official Gazette of Turkish Republic, 2021) in order to bring the debt-based crowdfunding model into the capital mark ets legislation. Currently, both equity and debt-based crowdfunding activities must be executed accord ing to this Communiqué. When compared to the previous year, the increase of factoring receivabl es and leasing in 2024 was approximately 46% and 23% respectively. Oth