NRW.Bank extends start-up emergency aid
With immediate effect, the state-owned bank is also offering a second round of financing for start-ups. For these, restrictions will even be dropped.
NRW.Bank, the development bank of the state of North Rhine-Westphalia, plans to increase its "NRW.Start-up akut" funding programme launched in response to the corona pandemic. Following a first round of funding of up to EUR 200,000, young companies will now be able to obtain a further round of up to EUR 300,000 from the Bank.
The money will be paid out in the form of a convertible loan that runs for six years. In the first round of financing, start-ups may only be 36 months old. For the second round, however, this no longer applies.
NRW Economics Minister Andreas Pinkwart (FDP) was very pleased with the programme: "We are now extending the funding programme, which is in great demand, and also expanding the financing amounts. All this in the knowledge that start-ups will play an important role in the recovery after the crisis."
Last year, NRW.Bank implemented 112 financing rounds under the project and disbursed EUR 21.6 million. "With NRW.Start-up akut, we have hit exactly the right nerve," explains Michael Stölting, member of NRW.BANK's Managing Board. "It has literally been snatched out of our hands since its launch in April 2020. In this respect, it is only logical to build on this successful programme and expand it in line with market needs."
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