Czech firms to benefit from InnovFin SME scheme
SMEs in Czech Republic are set to benefit from easier access to risk finance following the signing of loan guarantee schemes as part of Horizon 2020.
The European Investment Fund (EIF) will today (31 March) sign deals with two Czech banks giving SMEs and small midcaps access to special loans for innovation over the next two years. The total value available is €250m and the agreements are being signed with Komerční banka and Česká spořitelna.
Commenting on the deals, Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “The Czech Republic can reap huge benefits from its expanding research base. The two InnovFin SME Guarantee agreements signed today will enable innovative SMEs to create the business opportunities of tomorrow, which will strengthen the Czech economy.”
The loans are part of the InnovFin SME Guarantee, which, according to the European Commission, ‘targets early and development stage companies’. The facility offers ‘guarantees and counter-guarantees’ on loans worth between €25,000 and €7.5m; guarantees of up to 50% are provided by the EIF and the EU.
