Poland grants PLN 8.4bn guarantees in 'de minimis' program
March 25, 2014
Poland's state bank BGK has granted PLN 8.4 billion guarantees for almost PLN 15 billion worth of loans issued to SMEs in the first year of the state program of 'de minimis' credit guarantees for SMEs, BGK said citing estimates for March 15.
Some 45,000 SMEs have so far taken loans within the frame of the 'de minimis' program, the statement showed.
The 'de minimis' program is aimed at providing co-guarantees for loans for SMEs, taking some of the risk burden away from the commercial banks. Commercial banks may grant loans of up to PLN 3.5 million per firm, with state guarantees encompassing up to 60% of the loan value.
The program has been functioning since March 2013 and since November 2013 also covers investment loans.