NRW.Bank increases support for start-ups

The development bank of Germany's most populous federal 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. Companies that are no more than three years old receive between EUR 50,000 and EUR 200,000. 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 support ranging from development loans and equity financing to advisory services and corporate support. To this end, it works together 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 financing projects with a volume of around EUR 52 million via the coronavirus aid program. "The predecessor program has shown 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, are continuing to support founders in their first steps with the new NRW.SeedCon program and thus further strengthening the start-up landscape."