Money from the state: 33 start-ups in Saxony get help

The Corona aid fund of the Free State has so far disbursed 14.6 million euros. The agency has rejected 15 applications.

The Free State of Saxony wants as many start-ups as possible to get through the crisis. To this end, it already launched a Corona aid fund at the beginning of August, which is intended to provide the still young companies with the necessary liquidity. Now, for the first time, the state has communicated figures on how much the Mittelständische Beteiligungsgesellschaft Sachsen (MBG), which manages the fund, has given to young startups.

According to the report, MBG, a private investment company with public funding, has so far given out 14.6 million euros to a total of 33 start-ups. According to its own information, these include the e-health company Scanacs from Dresden or the social start-up Theo turnt from Görlitz.

Martin Dulig, Saxony's Minister of State for Economic Affairs, Labour and Transport, believes the help has been well received so far. "I am very happy that we can use it to help numerous start-ups to continue on their successful path. The Free State of Saxony needs innovative and promising start-ups, because it is the young start-ups , which drive the modernization of our economy with their innovative business models," he says.

Saxony had already set up the fund in August, then in a cooperation between the federal government, the state, the Kreditanstalt für Wiederaufbau (KfW), the Sächsische Förderbank and the MBG. It is intended to help young companies that have run into liquidity difficulties during the Corona pandemic. 80 applications have been submitted by start-ups in Saxony so far. MBG has given positive decisions to 33, and rejected 15 for lack of eligibility.