State bank Bank Gospodarstwa Krajowego (BGK) is launching the EU Guarantee Fund (FPU) which will eventually have a capital of Zl800m - Zl900m and is aimed at facilitating absorption of EU funds by enterprises.
The fund will serve as additional security on loans to small businesses, which often have problems providing suitable collateral. In order to make the fund as accessible as possible companies will be able to apply for a guarantee from FPU directly through the banks from which they are seeking a loan. BGK has already signed agreements with 19 commercial banks. Over the next three years, the fund is expected to collect Zl800m - Zl900m from this source, allowing it to provide guarantees of up to Zl3bn - Zl4 bn.
Source: Warsaw Business Journal
