History

Upper Silesian Fund SA was created in December 1995 under the provisions of the Regional Contract for the Katowice Province. The said agreement was signed by the government and social side, which was represented by representatives of the Local Government (then Katowice), trade unions and numerous economic institutions and organizations.

The main goal was to create favorable conditions for the development of the region against the background of significant and profound changes and socio-economic transformations taking place in it. Based on the above Contract, several institutions were established, among which the main task was to support the development of entrepreneurship, as well as to create favorable conditions for the creation of new jobs in the private sector or to prepare the region for integration with the European Union. Upper Silesian Fund SA, as one of such institutions, was created by the State Treasury, and then, later on, some of the municipalities making real-estate contributions to the Company became its shareholders.

At the very beginning of the Fund’s operations, the main tasks became the development of the capital market in the region and activities for the development of entrepreneurship and creation of new jobs. Starting its operations, the company played the role of an important instrument in alleviating the socially difficult effects of Silesia’s economic transformation. Initially, it supported the economic development of Silesia primarily through investments in restructured economic entities and cooperation with local governments. Upper Silesian Fund SA in the first period of its activity, falling in the years 1996-2001, pursued its goal, i.e. supported economic development in the Silesia Province by: providing the institutions of the region with the right tools to improve financial operations and reduce their costs and risks; raising funds for the needs of regional investments; investing in business entities to increase their market value: the Fund’s activities included venture capital investments (start-ups and development) and later the creation or recapitalization of companies that were to play the role of specialized instruments needed to carry out tasks related to regional development, the so-called . utility companies (Górnośląska Agencja Rozwoju Regionalnego SA – aid programs, Górnośląski Fundusz Restrukturyzacyjny SA – venture capital investments, Górnośląskie Towarzystwo Funduszy Inwestycyjnych SA – local capital market, Śląski Regionalny Fundusz Poręczeniowy Sp.z o.o. – entrepreneurship support);

cooperation with local governments – cooperation with municipalities, as an important element of the company’s mission, was implemented through support for the development of municipal investments: creating and providing financial instruments to regional entities:

municipal bond issues, emission programs for municipalities; development of contributions made: developer activity supporting the efficiency of the management process, consulting and training for local governments: financial analysis of budgets, feasibility studies, local development strategies, environmental programs, etc.

 

On the basis of the decision of the Minister of the Treasury of September 4, 2001, the shares of the Fund belonging to the State Treasury have been transferred to the Silesia Province.

 

Over time, along with the development of the capital market, the Fund’s mission has also changed and today it focuses on financial support for the micro, small and medium-sized enterprises sector, using both its own resources and those from EU programs. The subject of the current activity of the Fund in accordance with the Statute is, among others: providing financial services excluding banking activities, taking up and purchasing shares and stocks, especially in companies of the Silesia Province and their management in order to achieve maximum economic efficiency,

purchase and sale of securities and other financial instruments, attracting external capital to finance investments in the Silesia Province, financing of restructuring and development projects

administration and management of funds allocated for restructuring and development projects,

cooperation with domestic, foreign and international institutions in the scope of the Company’s tasks, implementation of public tasks entrusted by central and local government administration bodies. The Upper Silesian Fund SA carries out its tasks both through its own operations and the companies of the Capital Group.

At present, the value of the share capital of Upper Silesian Fund SA is PLN 131,567,320.00. The value of assets is much higher and amounted to PLN 236,024,000.00 at the end of 2018. Of this amount, PLN 180,200,000.00 were the capital of serviced separate loan funds. Other assets of the Company are: real estate, share and shares in subsidiaries, claims under purchased debt financial instruments and cash.