The Warsaw Voice » Business » News - July 27, 2018
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BGK pays for the "de minimis"
Poland's state bank BGK has granted PLN 50.22 billion guarantees for PLN 89.34 billion worth of loans issued to SMEs by end-June under the state program of 'de minimis' credit guarantees, BGK bank data shows.
Some 138.3 SMEs took loans within the frame of the scheme since the program was launched in March 2013, BGK said.
The 'de minimis' program was aimed at providing co-guarantees for loans for SMEs, taking some of the risk burden away from the commercial banks. Commercial banks could grant loans of up to PLN 3.5 million per firm, with state guarantees encompassing up to 60% of the loan value. The program was to run to end-June 2018.
Under the amendment to the act on guarantees granted by the State Treasury, recently passed by the Parliament's lower house, Poland is supposed to establish a national guarantee fund KFG as part of BGK. The fund will take over coverage of costs and expenses connected with granting guarantees by BGK under the public aid or 'de minimis' credit program.