Financial Shield for Large Companies. Liquidity Financing.
Type of funding
Small and medium-sized Enterprises, Big Companies
Date of availability
till 31 March 2021
What you get
you will get working capital for your company which you can use to pay wages, trade payables, including purchases of goods and materials, other operating costs, public and legal liabilities, other financing of current operations, specified in the agreement with the Polish Development Fund.
Liquidity financing within the Financial Shield for Large Companies is to fill the gap in the company financial liquidity as a result of the COVID-19 pandemic. The liquidity financing is in the form of a non-remissible loan with interest.
The financing is given based on the WIBOR 1R rate and margin which depends on the financing maturity. The liquidity financing can be given up to 31 March 2021.
The liquidity financing is given to the amount approved by the Polish Development Fund based on the requirement for the working capital and may not exceed:
- PLN 1 billion;
- twofold annual payroll costs in the company (including employee benefits) for 2019;
- 25% of total turnover in 2019.
In justified cases, the financing amount can be increased to cover the liquidity requirements for the next 12 months for large companies, or 18 months for small and enterprises (qualifying for Financial Shield for Large Companies), however the maximum is PLN 1 billion.
The financing can be used for current payments by the company, including:
- trade payables, including purchase of goods and materials or other operating costs;
- public and legal liabilities;
- other purposes related to the financing of current operations specified in the Programme Financing Documents.
The liquidity financing must not be used for:
- any form of distribution to owners or related entities;
- purchase of shares or stock for cancellation;
- mergers and acquisitions;
- refinancing or earlier repayment of loans;
- other purposes in the Programme Financing Documents.
Detailed information can be found in the Programme Rules.