KB to offer its clients again the eif’s programme of support for innovations in the largest volume among czech banks

Press release

Prague, 15 April 2015 – In early April, Komerční banka entered into a Guarantee Facility agreement in the InnovFin programme with the European Investment Fund (EIF). Through the new contract, KB will facilitate the financing of clients’ innovative projects worth a total of CZK 4.2 billion (EUR 150 million).

  • Komerční banka has entered into a new agreement with the European Investment Fund on innovative project financing in the Czech Republic,
  • CZK 4.2 billion (EUR 150 million), the largest amount intended for Czech banks, has been earmarked for KB’s clients,
  • Under this programme, the maximum loan amount will increase to CZK 190 million with a maturity of up to ten years,
  • Komerční banka’s clients will again be able to use the services of the specialists in the KB EU Point regional advisory team.

 

In early April, Komerční banka entered into a Guarantee Facility agreement in the InnovFin programme with the European Investment Fund (EIF). Through the new contract, KB will facilitate the financing of clients’ innovative projects worth a total of CZK 4.2 billion (EUR 150 million). As in the preceding period, this is the largest amount for new loans which the EIF has provided in the Czech Republic under a risk sharing programme.

We are delighted that thanks to our cooperation with the EIF and the clients’ demand, and, therefore, the exhaustion of the current limit, we have been successful in raising the volume of new loans provided with the EIF guarantee to another CZK 4.2 billion for the next two years. We believe that support for financing innovative SMEs is the right way via which we want to boost their dynamic development, bringing them a competitive advantage,” said Iveta Ocásková, Executive Director for Corporate Banking at KB.

The new agreement reflects the excellent experience from the long-standing cooperation between KB and EIF, and therefore improves the conditions for the whole programme. In a few weeks, the maximum loan amount under this programme will be increased to CZK 190 million, maturities will extended to one to ten years, and the option of revolving loans and the option of drawdown not only in CZK but also in EUR will be introduced.

Through the new agreement with the EIF, Komerční banka follows up on the successful EuroInnovation programme, under which it financed more than 260 projects totalling more than CZK 3 billion in the past two years. Thanks to its broad range the EuroInnovation programme has supported projects ranging from inventory funding to the construction of an R&D centre. On the whole, it has therefore confirmed companies’ demand for a product facilitating access to debt financing and also, above all, their readiness and wish to innovate.

Specialists in the KB EU Point regional advisory team, which helps clients by providing comprehensive advice on project financing with subsidies from the EU’s structural funds and from other sources, will also continue to be available for clients, in addition to relationship managers, in the planning, preparation and implementation of their innovative projects.

Innovation is the cornerstone of every successful business. At Komerční banka, we are very proud of the opportunity to partner our clients at moments when their visions, ideas and plans are materialising,” concluded Radek Basár, Deputy Executive Director for Marketing and Communication at Komerční banka.