Grads encouraged to launch start-ups

The Ministry of Labour and Social Policy together with Bank Gospodarstwa Krajowego (BGK) has initiated a lending program for new graduates seeking to start their own business. The program offers low interest loans of up to PLN 74,000 which can be paid off within a seven-year span after a one-year grace period. A pilot lending program has supported 100 new business start-ups as well as 40,000 applicants who have used the program for new job creation. Labor Minister Władysław Kosiniak-Kamysz stated, "I am glad that we're able to help young people in such tangible ways. They are resourceful and have plenty of new ideas. Our role is to support these initiatives."The annual interest rate on the loans will be 0.56 percent, reported IAR.