Providing loans to startups, scale-ups and SMEs in need
On 29 April, applications opened for the Corona Bridging Loan (COL) scheme, which supports startups, scale-ups and innovative SMEs during the coronavirus disease (COVID-19) outbreak. The Dutch government provided an initial €100 million for the fund, and this amount was doubled by a matching contribution from Invest-NL.
So far, roughly 1 in 3 applications have been from the province of North Holland, which includes Amsterdam. Loans worth €50,000 to €2 million are available through the COL scheme, which operates through a digital portal.
Companies requiring a larger amount of funding can apply for the Temporary Bridging Loan Program for innovative Start-ups and Scale-ups (TOPSS) using the same portal.
Over 1,000 companies ask for support
Since applications for COL and TOPSS opened at the end of April, more than €500 million in funds have been requested by over 1,000 businesses, exceeding the government’s expectations. Together, the companies employ almost 12,000 people and the 337 businesses from North Holland alone have requested roughly €140 million in support.
In a statement to the press, Nils Beers, the CEO of Techleap.nl, said: "This enormous demand confirms the…urgency that is needed to keep these innovative companies alive. Through the central portal, we will continue to facilitate and monitor applications, the data from which will also be used to evaluate continuously whether the current measures are sufficient."
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