National · Poland · Bank Gospodarstwa Krajowego (BGK) / Ministry of Funds and Regional Policy, Poland — financed via National Recovery and Resilience Plan (KPO)
The Security and Defence Fund (FBiO) is a Polish national instrument capitalised from KPO (EU recovery) funds, totalling over PLN 22.5 bn, making Poland the first EU member state to redirect KPO money to security and defence. It operates through two mechanisms: a loan arm managed directly by BGK (approx. PLN 16 bn, including zero-interest, partially forgivable loans to local governments for civil protection and dual-use infrastructure), and an equity arm of approx. PLN 7 bn executed through the special-purpose vehicle Chrobry S.A., which takes equity stakes in innovative defence and dual-use companies. Eligible recipients include local governments, municipal enterprises, and private or state-owned businesses active in defence, deeptech, cybersecurity, and dual-use technology.
For defence-tech companies and start-ups, Chrobry S.A. offers direct equity investment — not just debt — which means capital without immediate repayment pressure and a state anchor investor that validates strategic relevance. The model explicitly targets early-stage firms developing solutions for defence and dual-use applications, with PGZ potentially acquiring stakes later, providing a route to industrial integration and protection from foreign acquisition. Loans are available for broader security-related infrastructure projects with favourable terms (up to 20-year repayment, partial forgiveness), widening the addressable pipeline significantly.
Danish Ministry of Defence / Danish Ministry of Defence Acquisition and Logistics Organisation (FMI/DALO)
The single largest pot of near-term Danish defence procurement money, with an explicit invitation for industry to propose what to buy. Speed to fielding is the main selection criterion.
German Federal Government (BMVg and BMI)
One of very few German vehicles paying companies directly for security and defence-relevant research, with multi-million-euro phased contracts. Procurement-law process means longer lead times; watch the partnering events.
Next deadline 6 Oct
Industrial Development Agency (Agencja Rozwoju Przemysłu S.A.), Polish state development agency
A flexible state lender willing to bank defence-industry companies that commercial banks often avoid, useful for contract financing and liquidity in scaling defence production. No fixed calls: financing is negotiated case by case.