The European Investment Fund (EIF) and Bank Pekao have entered a new InvestEU portfolio guarantee agreement, with an aim to propel the development of Polish small and medium-sized enterprises (SMEs) in a sustainable way.

This collaboration is set to channel more than €290m ($304.5m) into the Polish SME sector, targeting startups, microbusinesses, and growth-oriented firms.

European Investment Bank Group vice-president Teresa Czerwińskaof said: “This latest partnership between the EIF and Bank Pekao means many more small and mid-sized companies will be able to finance growth and beef up competitiveness, including through deploying schemes that benefit climate and environment.

“The offer is dedicated to startups and other enterprises that have so far been underserved by the market due to their risk profile or insufficient collateral. Hence our cooperation expands strategic financing for innovators, helping them grow and stay in Poland and in Europe.”

The guarantee will enable Bank Pekao to offer the new debt financing to an estimated 4,000 companies.

This initiative is part of the broader InvestEU programme and represents the EIF’s largest guarantee agreement with a commercial bank in Poland, in terms of expected new SME financing volume.

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More than 700m zlotys ($175m) of the funds are allocated for companies that have limited access to market financing.

Additionally, more than 330m zlotys is dedicated to SMEs and small mid-caps focused on climate-friendly investments, such as photovoltaics, biogas energy production, low-emission transport, and green buildings.

Bank Pekao CEO Cezary Stypułkowski said: “Bank Pekao’s cooperation with the European Investment Fund has a long history, we have been working together for more than 20 years. During this time, we have supported many domestic companies in their efforts, offering attractive and accessible financing. Things are no different now – we have plans to provide loans with InvestEU guarantees for a total of 1.25bn zlotys by 2027.

“This large amount will support the ambitious goals of raising the competitiveness of SME and micro-entrepreneur companies, and will also help in implementing “green” projects. We want entrepreneurs to be able to fully benefit from the possibilities of this financing, which is why the guarantee fees we offer will be the lowest on the market.”

The EIF’s guarantee is expected to cover up to 80% of the new funding extended by Bank Pekao.

Since its inception in Poland, the EIF has signed financing agreements totalling €7.54bn, which have supported €22.7bn in total investment.