The more than 600 start-ups, scale-ups, and innovative SMEs that received a government-supported Corona loan (COL) are mainly located in the High Tech, Medtech, and Life Sciences industries. In total, they accounted for support valued at 217 million euros. This is apparent from the interim report by Techleap which manages and analyses the COL portal. It covers the period until 1 July.
The Corona-loan is an emergency loan made available by the Ministry of Economic Affairs and Climate for innovative entrepreneurs and SMEs who have been in financial difficulties by COVID-19. According to Techleap, it mainly concerns companies with a proven innovation and a sustainable business model.
Nearly 1800 companies asked for more than 630 million euros via the COL. The vast majority (74%) of the applicants applied for a credit of between 50,000 and 250,000 euros. A total of 300 million euros was made available by the Cabinet for the COL. It is expected that the remaining 83 million euros will be paid out before 1 October, the end date of the COL.
Tonnis Hooghoudt, CEO of Ioniqa, also filed a (successful) application. He says that thanks to the loan, cash flow problems could be avoided. “The speed with which the scheme was announced and implemented has given us a lot of rest and room to breathe. I am really impressed by the diligence and ease with which the regional development companies have worked together. I had a completely different view of that.”
Maurice van Tilburg, Director Capital of Techleap is already looking ahead to the period after the loans. “Of course, now that the bridging finance is nearing its end, we will continue to work with our partners to find solutions that will help our innovative technology companies through the crisis in the long term.
The scheme has been implemented by the regional development agencies. One of them is the Brabant Development Corporation BOM. Managing Director Brigit van Dijk – Van de Reijt says that it is important for the Netherlands to keep “the vulnerable but important ecosystem” of start-ups up and running. “Start-ups and scale-ups are important drivers of the economy. Their innovative products and services contribute to solving social issues. In doing so, they provide insight into our future.”
Rinke Zonneveld, Executive Director at InnovationQuarter Zuid-Holland, added that the final judgments on the applications couldn’t be made light-minded. “Behind every application, there are passionate entrepreneurs who truly believe in the potential of their company. So far, four out of ten applications have been accepted. As joint regional development agencies, we are grateful that we have been able to help so many innovative companies on behalf of the Ministry of Economic Affairs and Climate Policy.”
Look here for the full Techleap report