PFR Financial Shield for Microfirms and SMEs
On 27 April, the European Commission approved what is called "PFR Financial Shield for Microfirms and SMEs".
Within days, the on-line transaction services of leading Polish banks are expected to offer an opportunity for microfirms and small and medium-sized enterprises to apply for support under this programme.
The details of the programme are still a work in progress but the Polish Development Fund PFR (which manages the entire "Financial Shield") announces they should be ready and published soon.
You can go to https://pfrsa.pl/tarcza-finansowa-pfr/tarcza-finansowa-pfr-dla-mmsp.html for more information on "PFR Financial Shield for Microfirms and SMEs", including on the terms and amount of support, the banks involved and the rules for repaying or forgiving the support debt.
Unfortunately, the Commission's go-ahead is yet to be obtained for "PFR Financial Shield for Large Businesses". This programme is designed to assist the largest corporations, including via such measures as:
- individually agreed project finance, and
- preferential liquidity or interest-free loans directly from PFR.
Any of the support available to large enterprises will be granted directly by PFR, which has now opened an opportunity to use its website to apply on a preliminary basis.
Currently, more updated information on "PFR Financial Shield for Large Businesses" can be found at https://pfrsa.pl/tarcza-finansowa-pfr/tarcza-finansowa-pfr-dla-duzych-firm.html.
Note also that, according to the most recent news, the "Financial Shield" can generally be available also to businesses which are exclusively or predominantly foreign-owned, except that in such cases support may be subject to additional commitments being offered (e.g. as to capital investments).
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