Corona Bridging Loans (COL) for Startups and Scale-ups
On 7 April, the Dutch Cabinet announced that it will allocate € 100 million to bridge loans for startups, scale-ups and innovative SMEs. From 29 April, these companies can apply for a Corona Bridging Loan (COL). This arrangement was established in collaboration between the Ministry of Economic Affairs and Climate, the Regional Development Companies (ROMs) and TechLeap.nl, with close involvement of Invest-NL.
The ROMs will provide bridging loans under favorable conditions at the request of the cabinet. The amounts of the loans vary between € 50,000 and € 2 million. For amounts above € 250,000, 25% co-financing is expected from the shareholders or other investors.
A uniform interest rate of 3% is applied and the terms are tailored to the target group. More information about the conditions can be found in the Q&A . The aim is to assess and process applications under € 500,000 within four to nine working days. For applications above € 500,000, the aim is to reach a final decision within three working weeks.
The COL is emphatically an emergency instrument in connection with the economic situation as a result of the Covid19 outbreak. This means that entrepreneurs must be able to demonstrate that they need this loan because of the current economic situation, but that in principle they have a sustainable and healthy future perspective.
From Wednesday 29 April 9 am it is possible to submit an application via a special online portal. Only applications submitted online will be processed. More information about criteria and application procedure can be found at www.rom-nederland.nl/corona-overbruggingslening (in Dutch).
InnovationQuarter will organise a webinar about COL on April 29 from 13:30-14:30. To register click here.