BGK grants PLN 27.5 bln 'de minimis' guarantees

Poland's state-owned lender BGK has granted PLN 27.5 billion in guarantees for loans worth some PLN 49.05 billion issued to SMEs as of end-March under the state program of 'de minimis' credit guarantees, the bank said. As many as 104,567 SMEs took loans under the program. Firms can take loans of up to PLN 3.5 million and BGK's guarantees may constitute up to 60 percent of the loan value. The program has been functioning since March 2013.