The Polish Development Fund (PFR) has launched a support programme for entrepreneurs.The first subventions under the PFR Financial Shield for the micro and SME sector have already been granted. The Financial Shield for large enterprises is to be launched within a few days, although it is already possible to apply for aid.
The PFR Financial Shield is a support programme under the Anti-Crisis Shield. It aims to help companies combat the negative effects of the SARS-CoV-2 coronavirus epidemic by protecting the labour market and providing companies with financial liquidity in this exceptionally difficult period. Aid is worth PLN 100 billion. The funds will be transferred to microenterprises employing at least 1 employee and small, medium and large enterprises under three financing areas:
Micro, small and medium-sized companies can receive funding consisting of interest-free financial subventions, available in commercial and cooperative banks participating in the programme. Large enterprises, on the other hand, will soon be able to take advantage of financing available directly from the Polish Development Fund (at present, the programme’s assumptions are currently being approved by the European Commission).
On 29 April, the reception of applications for interest-free financial subventions under the PFR Financial Shield began. Micro, small and medium-sized enterprises can apply for subventions, available in commercial and cooperative banks participating in the programme, if they meet certain criteria and after 12 months, they can apply for a redemption of up to 75% of the value of the subvention received.
Applications for support under the PFR Financial Shield can be submitted by micro, small and medium-sized companies employing from 1 to 249 employees. This status is set as of 31 December 2019, and in order to estimate the scale of employment the owner of the company and employees of its subsidiaries are not taken into account.
Granting is done by the PFR in the order in which applications are processed (priority is given to applications which are complete according to the procedures in force and have no gaps preventing their urgent processing). Support may be combined with other forms of assistance related to COVID-19, such as downtime benefit.
Who can apply for PFR Financial Shield subventions for micro, small and medium-sized companies:
Other conditions for benefiting from the programme for micro and SME companies:
Once the application for support under the PFR Financial Shield has been processed, the entrepreneur may receive one of the three following types of answer:
Since the launch of the PFR Financial Shield on 29 April, more than 9.2 thousand micro, small and medium enterprises have already received positive decisions granting subventions. PLN 2.1 billion in total has been granted in the form of subventions.
See also: Anti-crisis shield – consulting for companies
The financing of large companies will be provided directly by the PFR and will be provided on an individual basis. The support includes both debt financing and capital commitment and is based on several instruments with a total value of PLN 25 billion:
Applications to the PFR can be submitted now, but the programme will be launched in the coming days after getting approval from the European Commission.
Who can benefit from the PFR Shield programme for large companies:
Other conditions for benefiting from the programme:
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