In June, TL loan volume reached 17 trillion TL, gaining a monthly momentum of 2.9%. The market majority interprets the funding costs hovering around 40% and the expectation of a steady 37% policy rate on July 23 as "the credit taps are opening, bringing a clear opportunity for top-line growth."
We look at this picture through the lens of growth engineering. Access to cheap credit is not growth; it is merely buying time for growth. Unless margins and operational efficiency improve, credit-financed revenue growth simply inflates the debt burden and masks true profitability. The real issue is this: When a company with an annual revenue of 100M TL directs a 10M TL loan (at a 40% cost) purely into revenue inflation rather than operational systems (automation, CRM, smart inventory), it burns 4M TL in pure net profit by year-end. While vanity metrics like ROAS rise, the mounting debt drags down your financial health score on the RGI (Revenue Growth Index).
Are you spending this newly accessed capital on a temporary revenue illusion, or on the permanent system engineering that will scale your company profitably?
