Poland to introduce new SME support measures - Finance Minister
October 15, 2012
Polish gov't will introduce new support measures for SMEs in the forms of state guarantees for working loans and enabling the use of pending VAT return as collateral for loans, Finance Minister Jacek Rostowski told a news conference.
In the short-term SME loan guarantee program, Poland would provide up to PLN 60 billion in guarantees in the years 2013-2014 for working capital loans for SMEs, Rostowski said.
Poland will guarantee up to 60% of the loans of up to PLN 3.5 million per borrower in value and 2 years 3 months in duration, the minister specified. The guarantee period might be extended to 2015, the minister also said.
The loans will be available for zero commission in the first year and for a commission well below market levels in the second year, the minister said.
In the second program, allowing for working credits based on a lien of pending VAT returns, Poland could enable up to PLN 70 billion in working capital loans, Rostowski also said.
The VAT-based loan will be an open-ended program. A bill has been prepared at the Finance Ministry which could soon be directed into inter-ministerial consultations.