The European Investment Fund and PKO Leasing S.A. have signed a direct guarantee agreement for Polish innovative entrepreneurs, supported by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the Juncker Plan.

Under the new InnovFin agreement provided, PKO Leasing will be able to provide new leases and loans on favourable terms to innovative SMEs and small mid-caps for a period of two years. The agreement is expected to generate PLN 257 m (c. EUR 60 m) of new financing for Polish innovators.

EIF Chief Executive, Pier Luigi Gilibert, said: “EIF has signed several guarantee agreements with Polish financial institutions in order to provide Polish entrepreneurs with wide range of financing options via the Investment Plan for Europe. We are pleased to launch this new agreement with PKO Leasing as this will allow the company to provide investment financing to innovative businesses”.

European Commissioner for Research, Science and Innovation Carlos Moedas said: “This agreement will provide Polish entrepreneurs with an additional financial boost, supporting their efforts in creating jobs, growth and innovation. In Poland, the Juncker Plan is already supporting more than 42,000 businesses and this agreement is further evidence of this success.”

There are several examples of Polish successes in the area of EU financial instruments, starting with the PKO Leasing COSME agreement from 2018 – the largest ever EIF direct guarantee transaction in Poland under EU programmes. This new EFSI-backed InnovFin SME guarantee for PKO Leasing has a special meaning, as it increases the innovation capacity of Polish economy. It addresses one of the most important challenges of country’s economic growth and lines up with our Strategy for Responsible Development – commented Jarosław Gowin, Deputy Prime Minister, Minister of Science and Higher Education.

Leases and loans offered by PKO Leasing under the InnovFin agreement may range from PLN 107.000 to PLN 13 m (EUR 25.000 – EUR 3 m). They are available for SMEs and small mid-caps (companies with up to 500 employees) who fulfil at least one of the InnovFin innovation criteria. Approximately 200 Polish entrepreneurs are expected to benefit from more favourable financing terms.

“The current agreement extends our cooperation with the European Investment Fund for the benefit of Polish entrepreneurs. By working together, we will be able to provide innovative Polish SMEs and small mid-caps with additional financing for their growth and development of innovative products. We are proud that we can convert the potential of EU funds into successes of our clients and expansion of their companies” commented Paweł Pach, President of the Management Board of PKO Leasing S.A.

“This is a remarkable success of a Polish financial institution applying for a financial instrument under EU programmes. We are proud that we could support PKO Leasing and we will be promoting their offer among Polish innovative companies, who will be the real beneficiaries of the EIF guarantee” declared Arkadiusz Lewicki, Director of the National Contact Point for Financial Instruments of the EU Programmes.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments, which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

www.eif.org

About PKO Leasing S.A.

PKO Leasing is the leading lease service provider in Poland. It’s diverse offer includes products and services for every business sector, including factoring and insurance support. The company is financing vehicles, plant and machinery, investment projects, boats, real estates as well as bikes and IT equipment.

www.pkoleasing.pl

About the Investment Plan for Europe

The Investment Plan for Europe, known as the Juncker Plan, is one of the European Commission’s top priorities. It focuses on boosting investment to generate jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects.

The European Fund for Strategic Investments (EFSI) is the main pillar of the Juncker Plan and provides first loss guarantees, enabling the EIB to invest in more projects that often come with greater risks. EFSI has already yielded tangible results. The projects and agreements approved for financing under EFSI are expected to mobilise almost EUR 380 billion in investments, including EUR 16.4 billion in Poland and support 842 000 SMEs in the 28 Member States.

More information on the results of the Investment Plan for Europe is available here.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.

About National Contact Point for Financial Instruments of the European Union Programmes

The NCP facilitates access to preferential financing, generated through EU support, for Polish entrepreneurs and financial institutions. The NCP supports the implementation of all EU programmes that involve financial instruments for entrepreneurs. It is also a part of Polish support system for implementation of the Investment Plan for Europe, in cooperation with the EIB Group.

http://www.InstrumentyFinansoweUE.gov.pl

Press contacts:

EIF:
David Yormesor
Tel.: +352 42 66 88 346
E-mail: d.yormesor@eif.org

PKO Leasing S.A.:
Karolina Kalinowska
Tel.: 22 577 03 27
E-mail: karolina.kalinowska@pkoleasing.pl

European Commission:
Sophie Dupin de Saint-Cyr
Tel.: + 32 229 56169
E-mail: sophie.dupin-de-saint-cyr@ec.europa.eu

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