Expert: Victoria Williams - 8/18/2009

Question
Hello Victoria, we wish to open our own business and I would like to know if I'm able to borrow money from a Turkish bank and have it secured on my business idea, or how could I get the funds from Turkey, like a personal loan, as it would be secured on the hope that the business takes off.  I hope to rent a place to sell my products from.  Thank You.

Answer
Hi Denise,

It's highly unlikely that a Turkish bank will lend you anything unless you have physical assets here to use as security. For example, if you have a property registered in your name in Turkey which is free of any mortgage or liens, they might allow you to borrow against this. Of course the amount you wish to borrow and repayment terms will be very important too so I would suggest starting off by talking to the bank you already hold an account with (if you have one) or try a few banks in the area that you plan to start the business, for example Garanti, ING, Fortis or Deniz Bank.

Good Luck!