€129 mln in loans for startups

Loans worth €129 million from EU funds will be channeled to support start-ups in the 2014-2020 financial perspective, that is five times more than in the previous term, said the Polish Agency for Enterprise Development (PARP). The agency ran a pilot program between 2013 and 2014, under which it granted €25 million worth in total loans for startups. "The Innovation Loan Fund (Fundusz Pożyczkowy Innowacji) is targeted at micro and small sized enterprises, which already have an agreement with a capital investor. Loans will have a fixed interest rate, the maximum value is set at PLN 2 million," said Michał Bańska from PARP.