Kredobank (Lviv) has signed an agreement with the U.S. Development Finance Corporation (DFC) to raise $40 million in guarantees for loans to small and medium-sized businesses in Ukraine.
According to the bank’s statement on Friday, the signing took place in Washington during the annual meetings of the International Monetary Fund and the World Bank Group, the guarantee will cover 80% of the loan amount, meaning that the agreement will allow Kredobank to issue $50 million in business loans.
It is specified that working capital loans, investment loans and leasing under the DFC guarantee will be available to companies operating throughout the government-controlled territory of Ukraine, with no more than 300 employees and no more than $15 million. The maximum loan amount for a client is $1.5 million in equivalent. As part of the program, at least 25% of all loans under DFC’s guarantees must be granted to agricultural enterprises.
Jakub Karnowski, First Deputy Chairman of the Management Board of Kredobank, noted that thanks to the risk-sharing programs that have been operating in the bank for more than two years, he managed to provide Ukrainian entrepreneurs with a total of more than EUR 155 million in loan financing.
Kredobank was founded in 1990. Its sole shareholder is the largest bank in Poland – PKO Bank Polski S.A. According to the National Bank of Ukraine, as of June 1, 2024, Kredobank ranked 14th (UAH 57.93 billion) among 63 banks in the country in terms of assets.
