KUKE and ING support Polish exporters’ expansion
By using the latest KUKE guarantee facility, ING will be able to provide further loans to Polish companies focused on international expansion.
Companies interested in developing their export capabilities will benefit from the cooperation of ING with the Polish Export Credit Agency KUKE. According to an agreement, signed in Warsaw, KUKE guarantees for the repayment of loans issued by ING Bank Śląski S.A. and ING Germany for investment projects by exporters or companies planning to sell in foreign markets.
Under its export support system, KUKE has offered several insurances and guarantees since last year. One of the most innovative is a guarantee of repayment of a loan granted especially for conducting domestic export-generated investments. This instrument has already been used in the Polish market for financing raised for example by manufacturers in the automotive and steel industry.
The KUKE guarantee serves as security for a loan up to 80 percent of its value. The minimum loan amount is PLN 5 million and must be reimbursed within14 years at longest. Furthermore, the KUKE guarantees may cover investment projects of companies that achieve at least 20 percent of revenues from export over a period of 3 years or intend to achieve such a level. It is also possible to provide such a guarantee for previously started projects.
As part of Europe’s most comprehensive export support systems in Europe, KUKE introduced new instruments and modified the range of existing solutions. In addition to the above-mentioned, there are guarantees of repayment of liabilities to suppliers as important in finding new sources of supply and guarantees for financing the supply chain, which help exporters to raise additional funds from banks and factoring companies. Moreover, as part of the program Shop in Poland, KUKE is actively looking for Polish entrepreneurs who are willing to participate by exporting goods or services – "without leaving home" – into infrastructure projects in the most remote areas of the world, where the insurer is financially involved. For all of the solutions, the procedures and documentation requirements have been simplified, and the scope of goods as well as services covered by them, and the possibilities of their use have been expanded.
The use of these instruments strengthens the exporter's financial capacity, positively influencing its relations both with the financing banks and with its contractors, enabling it to a significant increase in the scale of its operations. Many companies from various industries, from automotive, steel, through food, chemical to shipbuilding have taken advantage of KUKE’.
The cooperation agreement was signed by representatives of three parties: President of KUKE Janusz Władyczak, Vice President of KUKE Katarzyna Kowalska, Vice President of ING Bank Śląski S.A. Michał Mrożek, Head of Transaction Services Department at ING Bank Śląski S.A. Monika Dąbrowska, Head of Wholesale Banking / Member of the Board at ING Germany Eddy Henning and Director / Structured Export Finance at ING Germany Oksana Milka.