15:39 12 July 2024
Small Businesses Struggle with Innovation Funding: EU Funds to the Rescue
Small and medium-sized enterprises (SMEs) in Poland face significant challenges in financing innovative activities. According to the latest report by PARP, although nearly one-third of Polish SMEs are innovative, access to financing remains a major barrier. EU funds, particularly through the InvestEU program, aim to alleviate this issue by providing guarantees and support.
“Supporting SMEs is crucial for the competitiveness of the European economy. Last year, we allocated over 30 billion euros to finance this sector,” Professor Teresa Czerwińska, Vice President of the European Investment Bank, said.
Polish SMEs can access these funds via BGK, which offers credit guarantees backed by the European Investment Fund. This initiative aims to reduce the financial risks for banks and lower the security requirements for SMEs seeking loans, thereby boosting innovation and competitiveness in the sector.
(Newseria)
