The European Investment Bank is to loan PLN350mn (€75mn) to Poland’s BOS bank to enable financing of climate-friendly solutions by small and medium-sized businesses (SMEs), the EIB said on October 28.

The loan will allow increasing financial support for projects promoted by small and medium-sized businesses with up to 250 employees as well as mid-caps – companies with up to 3,000 employees – homeowners associations and public sector entities. 

At least 50% of the loans will go to projects with a strong climate action focus, such as developing energy efficiency in buildings or the use of renewable sources of energy, including solar power.

“Energy efficiency and a better energy mix … are important factors for companies which, in this difficult period after lockdowns, want to develop their business responsibly and in line with pro-climate policy,” EIB vice-president Teresa Czerwinska said in a statement.

SMEs generate around 50% of the Polish GDP and employ nearly 7mn people.

“In the face of the rapidly approaching challenges related to the energy transition, SMEs will require adequate support to meet ambitious climate targets while maintaining their competitiveness,” said Wojciech Hann, president of BOS’ management board.

The EIB’s Climate Survey has shown recently that 81% of the Polish population thinks that climate change is the biggest challenge for humanity in the 21st century.