NRW.Bank strengthens support for start-ups

The development bank of Germany's most populous state has launched a new convertible loan program for young companies.

NRW.Bank has launched NRW.Seedcon, a new convertible loan program for young companies. This provides companies that are no more than three years old with between 50,000 and 200,000 euros. During the seven-year term, start-ups are spared interest and redemption payments, which are only due at the end.

NRW.Bank is the development bank for North Rhine-Westphalia. It offers everything from development loans and equity financing to consulting services and business support. To this end, it cooperates with banks and savings banks in NRW.

Most recently, NRW.Bank launched "NRW.Start-up akut", a convertible loan program for young companies. According to its own figures, it has implemented 270 financings with a volume of around 52 million euros via the Corona assistance program. "The predecessor program showed that there is a great need for a financing program for very young start-ups, even beyond the Corona period," says Mona Neubaur (The Greens), NRW Minister for Economic Affairs, Industry, Climate Protection and Energy. "I very much welcome the fact that we as the state of North Rhine-Westphalia will continue to support founders in their first steps with the new NRW.SeedCon program and thus further strengthen the start-up landscape."