Bank Pekao plans to grant this year preferential investment and working capital financing with a loan guarantee of the Pan-European Guarantee Fund (PFG) in the amount of PLN 4.7 billion, the bank said. About 15,000 will be able to use preferential financing. entrepreneurs from the micro, small and medium-sized enterprises segment.
The maximum value of financing secured by the PFG guarantee, available to a single entrepreneur at Bank Pekao, is EUR 2.57 million (approx. PLN 11.7 million), and the maximum loan period is 10 years. A novelty in the system of guarantee instruments of the European Investment Fund is the possibility of using PFG guarantees also when refinancing loans transferred to Bank Pekao from other banks, it was reported.
“We want to cover a portfolio of loans worth as much as PLN 4.7 billion in 2022 with the new PFG guarantee, which, according to our estimates, will allow us to grant preferential financing to approximately 15,000 entrepreneurs. Thanks to the new guarantee, our clients will be able to benefit not only from a lower margin The current agreement strengthens the position of Bank Pekao as a leader among commercial institutions in the use of EU financial instruments on the Polish market,” said the vice-president of Bank Pekao, Magdalena Zmitrowicz, who supervises the corporate banking division.
The guarantee secures 70% of the capital and interest, reduces the loan margin and does not require the available de minimis aid limit, which in the case of entrepreneurs who used the limit of this aid is a beneficial alternative to other loan guarantees, it was noted.
PFG is an initiative launched to reduce the negative effects of the COVID-19 pandemic on the European economy. The current guarantee agreement is the largest agreement between Bank Pekao and the European Investment Fund in history and, at the same time, one of the largest direct guarantee agreements in Europe under the Pan-European Guarantee Fund. The signed guarantee agreement allows micro, small and medium-sized enterprises to take out overdrafts, loans, working capital loans (renewable and non-renewable) and investment loans.
Bank Pekao is part of the PZU group – the largest financial group in Central and Eastern Europe. Since 1998, the bank has been present on the Warsaw Stock Exchange. The bank’s total assets amounted to PLN 233 billion at the end of 2020.
Source: Bank Pekao and ISBnews
