State-owned BGK signs deal with EFI

The European Investment Fund (EFI) and state-owned lender BGK have signed their first deal under the COSME program, which aims to boost the competitiveness of small and medium sized companies. The program is financed by the European Fund for Strategic Investments, dubbed Juncker's fund. Thanks to the deal, BGK could grant loans worth up to PLN 1 billion to the Polish SMEs without a need to secure the loan with the company's assets. The scheme may involve some 5,000 companies. The program is financially backed by the European Commission.