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First liquidity sell-and-lease-back in Poland with a COSME-Covid guarantee – only for clients of the PKO Bank Polski Group

    Date: 16 November 2020
  • PKO Leasing and the European Investment Fund (EIF) have signed another agreement for granting a COSME guarantee – for a portfolio worth PLN 1.9 billion
  • About PLN 500 million of the above amount will be used to help entrepreneurs to fight the effects of the pandemic under the COSME-Covid product
  • The company launched a special offer for clients of PKO Leasing and PKO Bank Polski – a liquidity sell-and-lease-back

PKO Leasing is launching the first liquidity reverse lease offer on the Polish market. Under the COSME-Covid guarantee, the company will allocate PLN 500 million to support the financial liquidity of small and medium-sized enterprises.

The offer targets owners of passenger cars weighing up to 3.5 tonnes who are clients of PKO Leasing and PKO Bank Polski. Through the leasing transaction, they can recover the funds spent on the purchase of the vehicle with the possibility of its further use. The terms using the offer include an active leasing contract or a company account for a minimum of six months.

Financing for difficult times

“We are a leader among leasing companies that use EU financial instruments. The contract signed today will increase the maximum value of the portfolio covered by the EIF guarantee support by another PLN 1.9 billion. In addition, thanks to financing under COSME-Covid, PKO Leasing can offer its clients financial liquidity support during a pandemic,” said Mirosław Grzelak, vice president of PKO Leasing

COSME-Covid is a unique product on the Polish market. The company will be offering it at least until the end of this year. However, standard support under the COSME programme will be implemented for 2.5 years from the moment the contract is signed or until the funds are exhausted. In addition, PKO Leasing plans to continue work to join new programmes supporting the reconstruction of EU countries' economies after the COVID-19 pandemic.

“The Investment Plan for Europe offers the EIF a range of opportunities to support small and medium-sized enterprises in Poland. The new contract signed with PKO Leasing will contribute to improving access to financing for Polish SMEs, especially now, when business is struggling with the effects of the pandemic,” said Alain Godard, Chief Executive of the European Investment Fund.

Liquidity sell-and-lease-back

The essence of sell-and-lease-back is the sale of a fixed asset to a leasing company by an entrepreneur, and then, on the basis of a signed civil law contract, the possibility of using the object. This means that with the sale and conclusion of the leasing contract, the leasing company becomes the owner of the object. However, the enterprise remains the user of the item.

“At PKO Leasing, you can use such financing under the COSME-Covid guarantee. The condition is to have a used car or delivery car weighing up to 3.5 tonnes for at least 60 days. Liquidity reverse lease with a COSME-Covid guarantee covers the financing of a car worth up to PLN 150 000. The lessor finances the value of the item up to 80% of valuation performed by DEKRA,” said Izabela Fotyga, Product Development Director at PKO Leasing.

Thanks to such financing, the entrepreneur can gain additional funds for the current operations of the company. This form of investment financing has not been popular so far, however in such an uncertain market environment, the offer of liquidity and reverse leasing may meet with greater interest from customers.

COSME x3 guarantee

The previous guarantee agreement was signed by PKO Leasing and EIF in October 2018. This is the third tranche of financing under the Investment Plan for Europe. Two years ago, the amount of financing was record-breaking and amounted to PLN 1.5 billion. The current contract provides for the construction of the portfolio at an even higher level, as much as PLN 1.9 billion. PKO Leasing has been actively cooperating for 18 years with development banks, such as the European Investment Bank (EIB), while executing financing agreements worth PLN 9 billion and obtaining EU guarantees for portfolios worth over PLN 4 billion. Under the existing contracts, the company has completed over 180 000 transactions and financed the needs of 100 000 customers.

PKO Leasing's offer under the COSME programme is intended for entrepreneurs from the SME sector, i.e. with fewer than 250 employees, with revenues below €50 million, or a balance sheet total below €43 million. The financing can be used by entrepreneurs who do not have funds for initial payment, do not have a credit history, or have being operating for a short period (startups). Thanks to the support of the EU, PKO Leasing will offer them extended repayment periods and reduced security requirements. It will also be possible to reduce the initial lease fee to zero. Financing with the EIF guarantee may be used for the purchase of a passenger car, machinery and equipment, and means of heavy transport, i.e. tractors, semi-trailers and trailers. The offer will be available to entrepreneurs from all sectors, including producers, builders, carriers, service companies and farmers.

Background information

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 to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments, which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

Press contact

Andrea Morawski, a.morawski@eib.org, tel.: +352 4379 83427, mobile: +352 691 284 349
Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org


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