NRW's development bank takes stock for 2020
Last year was also a challenge for NRW-Bank, which provided 65 percent more development funds than in 2019, a total of 17 billion euros, with extra support for start-ups.
NRW.Bank didn't let its hair down in 2020. And the money was needed: in 2019 it still conducted 49 financing rounds, in the Corona year 2020 it was 136 rounds. The focus was on tech start-ups with 60 percent, and biotech was the second focus with 30 percent. In total, the funding institute of the state of North Rhine-Westphalia provided funding of 17 billion euros, which is 65 percent more than in 2019. Of this, almost four billion were Corona aid.
With the NRW.Start-up akut development programme, NRW.Bank was able to help 112 young companies with EUR 20.8 million. The money went to start-ups that were not older than three years and affected by Corona. They each received a convertible loan of up to EUR 200,000 with a term of six years.
In total, the Bank made new investments of 65 million euros in the equity capital business, over 50 million euros of which were in early stages. Corona assistance accounted for 30.3 million euros here.
"Last year, development banks were in greater demand than ever," says Eckhard Forst, Chairman of NRW.Bank's Managing Board. And he sees the need for support this year as well: "Our task for 2021 is to work with the state to ensure that the economic recovery after the end of the lockdown succeeds and that struggling companies recover."
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