First Credit Guarantee Funds in Poland were formed within the framework of Local Programme of Initiatives financed from European funds (Phare) at the beginning of the 90’s. At the end of the 90’s, local and voivodship self-government authorities became involved in the process of creating funds. The main reason of this activity was to hasten the local economic and social development by reviving a business activity in a particular region.
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A guarantee is collateral of credit repayment that is granted in accordance with civil law regulations. The Poznanian Credit Guarantee Funds gives a bank the guarantee at the request of a debtor.