– This form of assistance for companies affected by the COVID-19 pandemic is very popular. The budget of the Loan Fund initially amounted to PLN 400 million, and now we are increasing it by PLN 1.1 billion to finally offer entrepreneurs PLN 2.15 billion – said Małgorzata Jarosińska-Jedynak, Minister of Funds and Regional Policy, quoted in the press release.
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start-up loans was a very important step. – We have to support companies and jobs, which are crucial from the point of view of Poland’s strategic interests. In close cooperation with the Ministry of Funds, we have prepared a solution in which owners of micro, small and medium-sized enterprises, regardless of the industry, have been able to apply for an EU loan for several months. The large number of loan applications submitted proves that entrepreneurs need this support – added BGK board member Przemysław Cieszyński.
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Liquidity loans are granted by financing institutions cooperating with BGK. So far, entrepreneurs all over the country have concluded over 1,000 contracts for almost PLN 365 million.
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Entrepreneurs submitted nearly 3.8 thousand applications for the amount exceeding the available pool. The loans were granted mainly to small businesses (46.2 percent of signed contracts) and micro-enterprises (30.4 percent of signed contracts). Loans were most often granted to entities from the trade (26%), industry (21%), construction (14%) and services (13%) sectors.
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The largest percentage of entrepreneurs using support under the pool for liquidity loans is recorded in the voivodship Mazowieckie (149 applications), Pomorskie (121 applications) and Małopolskie (94 applications).
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Thanks to the increase in the budget, more than 2,000 small and medium-sized enterprises will benefit from loans granted on favorable terms. The main advantage of the loan is its combination with a grant that fully covers the interest costs. In practice, the entrepreneur only repays capital installments.
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The interest subsidy is granted in parallel with the signing of the loan agreement – without the need to submit additional applications. The maximum loan amount is determined individually. An entrepreneur may take advantage of more than one loan, and their sum may not exceed PLN 15 million.
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The money can be used to settle the current needs of companies, pay employees’ salaries or payables to contractors. The repayment period can be up to 6 years, they concluded.
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BGK is a state development bank that initiates and implements programs aimed at economic growth in Poland, cooperating with all development institutions such as PFR, KUKE, PAIH, PARP and ARP. BGK develops sureties and guarantees systems aimed at stimulating entrepreneurship. One of the bank’s important tasks is also to support the foreign expansion of Polish enterprises. BGK manages European programs and distributes EU funds on a national and regional scale. It is involved in programs aimed at improving the situation on the housing market and Poles’ access to housing.
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