- Loan of up to PLN 200 million (€45.7 million-equivalent) to Santander Factoring
- Support for micro, small and medium-sized enterprises in Poland’s regions
- Factoring provides stable supply of much-needed funding
Micro, small and medium-sized enterprises in Poland will benefit from a loan of up to PLN 200 million (€45.7 million-equivalent) with a focus on regional outreach, provided by the EBRD to Santander Factoring.
Strengthening growth in the regions with tangible improvements for the local population is a key challenge for the further development of the Polish economy.
Poland currently has almost two million micro, small and medium-sized enterprises which contribute more than 50 per cent of the country’s GDP. The sector has been rapidly increasing demand towards borrowing but supply has been stagnating. Only one-third are using external financing.
Factoring can help bridge the gap by both addressing working capital needs for small businesses and fostering an enabling business environment.
Santander Factoring is a subsidiary of Santander Bank Polska S.A., a long-standing partner of the EBRD. It is the second largest factoring company in Poland by turnover and plans to grow further by focusing its expansion on the country’s regions.
Since the beginning of its operations in Poland in 1991, the EBRD has invested almost €9.5 billion in 410 projects in the country.