Keeping Amsterdam’s startup ecosystem going

The coronavirus outbreak is affecting almost all aspects of the economy in the Netherlands and beyond, including the startup ecosystem. However, support is available to members of the ecosystem during this challenging time, offering relief for companies, entrepreneurs and the self-employed.

A loan scheme for startups

The extension of the loan scheme is part of the continuation of the government’s economic emergency measures taken in response to the coronavirus (COVID-19) crisis. The Corona Bridge Loan (Corona-Overbruggingslening, COL) scheme was launched especially for startups, scale-ups and innovative SMEs that have been affected by the outbreak. The money is being distributed through several organisations, including the Innovation Fund, which focuses on Amsterdam-based businesses. The loans distributed as part of COL range from €50,000 to €2 million.

Significant uptake

The original amount of €100 million that was set aside for COL has now been increased by an additional €150 million. This is in response to the large numbers of companies to have responded to the scheme so far. Since the launch of COL on 29 April, more than 1,400 businesses have applied for a loan, with an average requested amount of €360,000. That means the total requested amount now exceeds €500 million.

Support for startups and scale-ups

The largest numbers of requests from startups and scale-ups have been coming from businesses in the province of North Holland, in particular Amsterdam. The coronavirus crisis has had a significant impact on these businesses and figures compiled by Techleap.nl have shown that 55% of them have seen demand diminish as they are losing existing customers and/or unable to attract new ones.

Read more startup news from around Amsterdam.