3.5 million TL support to small and medium sized enterprises

Science, Industry and Trade Minister Nihat Ergun announced that the ministry would provide grant support up to 3.5 million TL for small and medium sized enterprises (SME) which are engaged in R&D activities. Ergun stated that income tax exemption would be extended until 2023 and the obligatory minimum number of workers to be employed in R&D centers will be relegated from 50 to 30. Specifying that they would conduct a new support program, Ergun said, "We are going to establish a new mechanism under the name Investment Support Program. We have reached the last stage in our talks with the Finance Ministry. With this support, we are planning to offer grants up to 3.5 million TL as well as loan interest support. We will give priority to companies which conduct R&D activities in medium and advanced technology fields." Ergun also said techo entrepreneurs, new entrepreneurs and large scale entrepreneurs will also benefit from the program.