More than 1,500 companies apply for Corona Bridging Loan (COL) for € 540 million

Applications for the Corona Bridging Loan (COL) continue to flow in. As of April 29, 1,507 startups, scale-ups and innovative SMEs have applied for a COL. These companies are applying for a total of € 540 million. 311 applications have now been approved for more than € 100 million. About 50% of the applications are still being processed.

The cabinet announced on Wednesday 20 May that, in addition to an earlier tranche of € 100 million, an additional € 150 million will become available for startups, scale-ups and innovative SMEs. Companies can submit an application via the COL from € 50,000 and make use of favorable conditions. The regional development companies (ROMs) provide the loans.

AppThis Group from Enschede was the first company to receive a COL in the east of the Netherlands. "We use the loan to fill in the decreased turnover and the latest product adjustments in relation to the 1.5 meter conditions for our customers," says Arjan Zwarteveen, who runs the company together with Andreas Weber.

About COL

The Corona Bridging Loan (COL) is an emergency loan for innovative entrepreneurs and SMEs without a bank credit relationship who have run into financial difficulties due to Covid19. This arrangement was established in intensive cooperation between the Ministry of Economic Affairs and Climate (EZK), the joint Regional Development Companies (ROMs) and TechLeap.nl, also with the close involvement of Invest-NL. At the request of EZK, the ROMs provide bridging loans between € 50,000 and € 2 million.

About the regional development companies (ROMs)

The ROMs invest in companies through their own funds and funds under management; are responsible for attracting foreign companies to their region; stimulate innovation among SMEs and strengthen the ecosystem in their region by boosting partnerships between entrepreneurs, knowledge institutions and governments. They are organized under private law and have the Ministry of Economic Affairs and Climate, univsersities, cities and their provinces as shareholders and financiers. Almost all ROMs are now also active in the field of internationalization and trade promotion.

More information can be found at:
- https://www.rom-nederland.nl/corona-overbruggingslening
- https://www.invest-nl.nl/actueel/aanvullende-informatie-topss
- https://www.techleap.nl/content/bridgefinancing-portal/