Financing SMEs and Entrepreneurs 2026: Poland
Table of contents
For the last few years, the Polish economy, like the European and global economy, has been strongly affected by the effects of the pandemic and the large-scale aggression of Russia against Ukraine. Global turmoil and the energy crisis provoked by Russia have increased inflation around the world, especially in Europe, which had a significant impact on SMEs. Additionally, Polish economic conditions in the first half of 2025 were demanding due to continued high interest rates, high energy prices and further wage increases.
In 2024 SMEs made up 99.8% of all non-financial enterprises in Poland, numbering 2.3 million SMEs in total. As in previous years, microenterprises make up the largest share of non-financial enterprises., which were responsible for 97.2% share in the structure of the entire population in 2024. Among all size classes, the microenterprises recorded the greatest increase in the number of units (by 39.4%) in the years 2010 –2024, while small and medium-sized entities recorded a decrease (by 7.9% and 9.4%, respectively). Large units recorded an increase by 22.2% in the same period.
According to Credit Information Bureau (BIK) in 2024, the value of the microenterprise loan portfolio increased by PLN 1.5 billion (2.1%) and amounted to PLN 74 billion.
The stock of outstanding business loans and SME loans increased in 2024 by PLN 17.50 billion and PLN 37.2 billion respectively. The share of non-performing loans decreased for SMEs in 2024 by 1.24 pp, however in total they increased slightly – by 0.81 pp. The average interest rate in 2024, both for SMEs and large companies, decreased by 1.03 pp and 0.17 pp respectively. Similarly, the interest rate spread decreased by 0.86 pp.
According to PFR Ventures, in Q1 2025, PLN 444 million, flowed through the Polish VC market. This is the total amount of capital invested by Polish and international funds in 35 transactions involving domestic innovative enterprises. This represents an 11% increase compared to the average quarterly value of investments in 2024. Compared to Q1 2024, the amount of invested capital increased by 155%, with a similar number of transactions and participating funds. Later-stage funding rounds, in which 17 such transactions were recorded, almost half of all transactions, played an important role. The number of transactions has remained relatively low but stable for the past year. PFR Ventures has observed an increase in the number of rounds in the growth phase.
Bank Gospodarstwa Krajowego (BGK) which is a Polish development bank, provided support worth more than PLN 331,9 billion as of April 2025 in the form of accessible guarantees. After the end of the pandemic crisis period, from 2024, the BGK's guarantee offer has stabilized and now includes 7 products aimed at entrepreneurs:
de minimis guarantee for SME;
de minimis guarantee for leasing for SME;
Biznesmax Plus guarantee for SME, small mid cap and mid cap companies, as collateral for loans to finance innovation, eco-innovation and digital transformation investments with additional support in the form capital and interest rate subsidies;
Ekomax guarantee for SME, small mid cap and mid cap companies, as collateral for loans to finance energy efficient investments with additional support in the form of capital subsidies;
Investmax guarantee for SME, with special focus on microenterprises;
Agricultural guarantee for farmers and processors of agricultural or non-agricultural products as collateral for working capital loans with additional support in the form of interest rate subsidies;
Agromax guarantee for farmers and processors of agricultural or non-agricultural products as collateral for investment loans with additional support in the form of interest rate subsidies.
From the above-mentioned guarantee products in 2024, more than 94 000 guarantees were issued in the amount of PLN 33.3 billion, which secured loans worth PLN 58.6 billion. In 2025 (January-April), more than 31 000 guarantees were granted in the amount of PLN 11.7 billion, which secured loans worth PLN 20.5 billion.
According to the preliminary estimate of the Central Statistical Office data, the increase of real gross domestic product (GDP) in 2025 was 3.6% after the increase of 3.20% in 2024 (constant average prices of the previous year).
This year's growth acceleration is expected to be driven by two engines: consumption and investment. It is estimated that households have been rebuilding their savings since 2023 and are now gradually increasing their consumption. Slowing inflation, relatively high real wage growth and lower interest rates are all have a pro-consumer effect.
An acceleration in investment, particularly public investment, is also expected. Investment activity will be supported by incoming EU funds. Gross fixed capital formation is expected to increase by 4.5%.
The global economy, including Poland's, remains impacted by heightened uncertainty caused by rising protectionism in global trade and escalating geopolitical tensions. Polish industrial production is also impacted by the weaker economic situation in the eurozone, particularly the stagnation in Germany, which translates into low export orders.
The labour market is stable, with low unemployment and still relatively high wage growth. Poland has been among the lowest unemployment rates in the EU for months. According to Eurostat data, the harmonized unemployment rate in June 2025 was 3.5%, compared to the EU average of 5.9%. A slight decline in employment has been recorded in preceding months (March – May 2025).
In the first half of 2024, inflation returned to the level close to the inflation target, but the partial liberalization of energy prices has led to a renewed acceleration, although the pace has recently slowed to 4.1% in the second quarter of 2025 from 4.9% in the first quarter. It is expected that the second half of this year will bring inflation back to around the Narodowy Bank Polski (NBP) target. In July 2025, the inflation rate slowed to 3.1%.
The data of the Central Statistical Office show that in 2023, thanks to the improved economic situation, the revenues of companies increased by 3.3%. In 2023, SMEs were responsible for generating 52.9% of total revenues of non-financial enterprises.
In 2023, all groups except medium enterprises increased their revenues year-on-year: micro enterprises by 2.9%, small enterprises by 3.7%, large enterprises by 4.8%. Medium enterprises recorded a decline by 0.3%. The revenue growth was recorded as 1.9% for the SME sector and 4.8% for large enterprises. In 2023, exports declined by 1.2%, while domestic demand declined by 3.1%. Companies' production grew by 4.6%. The gross turnover profitability ratio declined slightly for the second year in a row (8.3% in 2022 and 8.1% in 2023). In 2023 value added grew by 1.2% (vs 5.5% in 2022).1
According to the Central Statistical Office in 2024, the financial results of the surveyed non-financial enterprises were lower than those obtained a year earlier. Total revenues were down by 0.4% compared to the previous year. The cost ratio declined to 92.15% from 94% a year ago. However, gros profit increased by 3.37% and value added by 6.85%. Table 2. show the financial results by size class of non-financial enterprises.
Source: Department of Economic Law and Analyses calculations based on Statistics Poland (GUS) (2025), Activity of non-financial enterprises in 2024, Statistics Poland, Warsaw.
According to the Credit Information Bureau (BIK), the change in loans to micro-enterprises were noticeable in May 2024 compared to May 2023, as banks granted micro-entrepreneurs 8% less loans and 5% less value. Banks mainly provide three types of loans to micro-enterprises: investment loans by 43.3%, overdrafts by 16.6% and working capital loans by 6.0%. Decreases in loan value were also recorded: investment loans by 25.6%, overdrafts by 11.6% and working capital loans by 2.1%.
BIK data from May 2024 indicate that the Credit Quality Index for micro-entrepreneurs amounted to 6.26% in value terms. It is still at a safe, acceptable level. Compared to April 2024, the overall Quality Index deteriorated by 0.38 pp, while over a 12-month period, compared to May 2023, the overall Quality Index improved by -0.17pp.
As indicated by BIK, in June 2025 the value of the microenterprise loan portfolio increased by 3.1% compared to the end of 2024. Working capital loans dominate the debt structure, accounting for 33.3%, and overdrafts for 27.1%. Investment loans, financing development activities, account for only 22.7% of microenterprise debt. A 1.3% year-on-year decline in microenterprise lending was also observed in the first half of 2025. Investment loans and working capital loans recorded negative growth (-12.6% and -4.4%, respectively). Positive growth was recorded for overdrafts, by 8.1%.
In June 2025 the Overall Index value was 5.36%, a decrease of 0.3% compared to June of last year. The Product Quality Indexes in June 2025 were as follows: investment loans 2.48%, overdrafts 5.15%, and working capital loans 7.93%. Loan repayment performance in June 2025 decreased compared to May 2025. The Overall Quality Index increased by +0.11pp. Over the 12-month period, only the Investment Loan Index improved by -0.07pp, while two Quality Indexes deteriorated: overdrafts +0.58pp and working capital loans +0.2pp.
According to research2 by the National Bank of Poland, in the first quarter of 2025, banks slightly eased the criteria for granting loans to the SME sector. The surveyed banks eased some of their lending terms for businesses, most notably the loan margin and non-interest loan costs. The banks cited increased competitive pressure, primarily from other banks, as a motivating factor for easing their lending policies.
In Q1 2025, the surveyed banks observed an increase in loan demand from the SME sector. Banks primarily attributed the increase in demand for corporate loans to a decrease in the use of alternative financing sources, including own funds and debt securities. In Q2 2025, banks plan to ease lending standards for the SME sector. They also expect an increase in demand for all types of corporate loans.
Poland was the leading destination for venture capital investment in the CEE region, attracting EUR 493 million in 2024, a 10% drop compared to previous year in value terms. Investments were made in 142 companies, down from 399 in 2023, with early-stage deals dominating3.
The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The GPW Group reported an adjusted net profit of PLN 157.7 million in 2024, representing a 2.1% increase YoY. Adjusted EBITDA for 2024 was PLN 163.7 million, marking a 2.2% growth compared to previous year. The group’s revenues increased by 4.5% to a record PLN 464.8 million in 2024. In Q4 2024 alone, revenues reached PLN 113.9 million, closely aligning with consensus estimates of PLN 113.6 million. The revenue growth was driven by a 9.8% increase in the financial market segment, despite a 2.7% decline in the commodity market. Revenues from financial market information sales grew by 11.4%, reaching PLN 65.2 million4.
As the data of the Statistics Poland show in 2024, the surveyed leasing companies had a total of 594 220 leases, new contracts with 476 thousand lessees, and were leasing 796 thousand items (assets) in the amount of PLN 88 964 million. The subject of lease agreements included both new (PLN 68 672 million) and used (PLN 20 292 million) items (assets).
Road transport vehicle leasing accounted for the largest share of the value of new contracts concluded in 2024. It represented 76.5% of the total leasing value. The share of passenger cars in the total value of lease granted amounted to 54.2% An important leasing segment was industrial machinery and equipment, accounting for 19.8% of the total value of newly concluded lease contracts. Taking into account the type of business activity, the lessees were dominated by entities from the sectors of wholesale and retail trade, transportation and storage, manufacturing and construction. These industries concluded new contracts worth PLN 52 598 million, which accounted for 59.1% of the total value of contracts.
According to the Statistics Poland the value of receivables redeemed by the factoring companies examined (together) increased by 4.8 % in 2024 compared to 2023. 31 267 customers used factoring services in 2024. The factoring companies surveyed in 2024 bought 29 156 thousand invoices, 7.7 % more than in the previous year. The value of funds engaged by enterprises dealing with factoring activity (in total) at the end of 2024 increased by 0.7% to the amount of PLN 63 320 million. The factoring activity of the surveyed entities in total was financed in 66.1% from bank credits and loans, in 19.5% from own funds and in 10,2% by corporate bonds.
The number of suspended businesses is growing at a slower pace than, for example, at the end of 2022, when the growth rate was 17.4%. Furthermore, the downward trend in business liquidations in the CEIDG register continues (over 10% drop in 2024 compared to 2023). At the same time, the number of newly registered businesses in CEIDG exceeds the number of deregistered businesses, and the population of sole proprietorships is growing. At the end of 2024, the number of active entities in the CEIDG register was 1.8% higher year-on-year. It is worth emphasizing that suspending a business is not the same as terminating it and is often an element of a business strategy, allowing, for example, a break in running a business or making a decision regarding its profile. CEIDG data indicate that the number of active entities registered in CEIDG as of June 30, 2025, was approximately 2.7 million.
The New Chance Policy financial instrument was launched in 2020 (with a budget of up to 120 million PLN per annum for 10 years). It consists of three components available for micro, small and medium-sized companies during the restructuring proceedings or facing the threat of liquidation.
1. Rescue aid. If the support conditions prove to be insufficient, the SME sector entrepreneur will be able to apply for an additional loan from the pool of temporary restructuring support, thus extending the repayment period to 18 months.
2. Temporary restructuring support. It is a continuation of rescue aid or functions as an independent instrument and is addressed to micro, small and medium-sized enterprises. If the support conditions prove to be insufficient, an entrepreneur from the SME sector will be able to apply for additional funds from the restructuring aid pool and thus extend the repayment period.
3. Restructuring aid. Restructuring aid may only supplement the own contribution of an entrepreneur in a difficult economic situation. It cannot be used to finance new investments, unless it is necessary for the entrepreneur to regain the long-term ability to compete on the market.
The beneficiary may benefit from the New Chance Policy regardless of the assistance provided under the Anti-Crisis Shield or the PFR Financial Shield. The European Commissions has approved the extension of the New Chance Policy aid program for 2021-2026.
Alongside the Anti-crisis Shield, it is expected that the Recovery and Resilience Facility will provide an additional boost to the economy. Poland joined the European Guarantee Fund and declared a share of over EUR 1 billion. The European Guarantee Fund aims to generate up to EUR 200 billion for the economy to help businesses recover from the pandemic.
The National Recovery and Resilience Plan (KPO) is a program that consists of 57 investments and 54 reforms, that began after February 1, 2020 and will be completed by August 31, 2026. Its aim is to strengthen the Polish economy and make it easier to endure any crises. The value of the plan is almost EUR 60 billion (approx. PLN 261.5 billion), including EUR 25.27 billion (PLN 111.73 billion) in the form of grants and EUR 34.54 billion (PLN 149.86 billion) in the form of preferential loans.
In line with EU goals, a significant part of the budget will be allocated to climate goals (44,96%) and digital transformation (21.28%).
Source: See Table 2
References
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← 1. For more information see: 2025 Raport o stanie sektora małych i średnich przedsiębiorstw w Polsce, PARP
← 2. Sytuacja na rynku kredytowym wyniki ankiety do przewodniczących komitetów kredytowych II kwartał 2025 r., Narodowy Bank Polski, see: https://nbp.pl/wp-content/uploads/2025/05/ASRK_II_2025_Publikacja_PL.pdf
← 3. For more information see: https://pfrventures.pl/en/artykul/polish-vc-market-outlook-2024 .
← 4. For more information see: https://www.gpw.pl/aktualnosc?cmn_id=116710&title=Rekordowe+przychody+warszawskiej+Gie%C5%82dy+w+2024+roku .
← 5. Krajowy Plan Odbudowy, see: https://www.kpo.gov.pl/strony/o-kpo/o-kpo/informacje/