NRW.Bank extends start-up emergency aid

The state-owned bank is now also offering a second round of financing for start-ups. Restrictions are even being lifted for them.

The development bank of the state of North Rhine-Westphalia, NRW.Bank, wants to increase its "NRW.Start-up akut" development program launched in response to the coronavirus pandemic. After a first round of financing of up to EUR 200,000, young companies can now receive a second round of up to EUR 300,000 from the bank.

The money is paid out in the form of a convertible loan that runs for six years. For the first round of financing, start-ups may only be 36 months old. However, this no longer applies to the second round.

NRW Minister of Economic Affairs Andreas Pinkwart (FDP) was very pleased with the program: "We are now extending the funding program, which is in high 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 as part of the project, distributing EUR 21.6 million. "With NRW.Start-up akut, we have hit exactly the right nerve," explains Michael Stölting, Member of the Managing Board of NRW.BANK. "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 program and expand it in line with market needs."