The European Bank for Reconstruction and Development (EBRD) lent Ђ20m (some Kc630m) to Czech bank Komercni banka to support small-and mid-sized businesses (SMEs), Komercni banka announced.
The loan term is over seven years, Komercni said, adding it would thus be easier for SMEs to borrow money.
"At the moment we are preparing a new product using this credit line, which is scheduled to be launched at the beginning of next year," said Komercni banka deputy director for marketing Petr Slaby.
The bank will also receive Ђ1m from the European Commission for training programmes focused on the financing of SMEs and on faster approving of loans.
Under the EBRD rules, SMEs are those with maximum annual sales of roughly Kc220m, total assets of Kc157m and a maximum of 100 employees.
Source: Europe Intelligence Wire
