Program COVID Prague

We have already informed you about the Guarantee Program COVID II, which aims to help the entrepreneurs regarding the impacts of the emergency measures declared due to the pandemic of COVID-19. Guarantee Program COVID II cannot be used by the entrepreneurs from Prague, however for the entrepreneurs from Prague is created by the capital city of Prague in the cooperation with the Ministry of Industry and Trade and Českomoravská záruční a rozvojová banka the Program COVID Prague.

The assembly of the capital city of Prague has today, e.i. 16 April 2020, approved the call for submitting the applications for the support provided by the Program COVID Prague, which should be very similar to the Guarantee Program COVID II. The call will be issued on 20 April 2020 and the Českomoravská záruční a rozvojová banka will accept the applications as of 21 April 2020, 8:00 a.m. Program COVID Prague is designed for the small and medium-sized entrepreneur from Prague, who suffer from the impacts of the emergency measures declared due to the pandemic of COVID-19. The program is aimed to finance projects regarding paying the wages and energy costs, rents, supplier-costumer invoices, pre financing of the claims and purchase of minor assets.

For the successful submission of the application, it is necessary to submit altogether with the application and the plan of the project, inter alia, confirmation of the cooperating bank regarding the condition of the loan provision, or regarding the already provided loan or loan drawdown.

There is currently CZK 600 million allocated to the Program COVID Prague, so it is anticipated the it will not last long until the capacity of the program is filled. Regarding the abovementioned, we recommend to contact your bank broker and ask for the loan agreement for the purpose of the Program COVID Prague.

In case of successfully accepting the application by the Českomoravská záruční a rozvojová banka, the entrepreneurs can be provided by guarantee up to 80 % of the loan to the maximum amount of the loan CZK 15 million and financial contribution for repaying the interest up to CZK 1 million. The period of the guarantee is maximum 3 years.

More information can be found on the websites of the Českomoravská záruční a rozvojová banka HERE, or on the websites of the capital city of Prague HERE.