Saxony increases Corona aid fund

Lisa Marie Münster Lisa Marie Münster | 03.08.2021

The federal state is providing 40 million euros. Saxony is also increasing the possible funding amount per start-up to two million euros.

Some start-ups are benefiting from the changes brought about by the Corona pandemic, others are experiencing massive difficulties. The federal and state governments are providing support here in the form of funds and the provision of capital - and Saxony is no exception. The federal state has now increased its Corona Start-up Assistance Fund (CSH) to 40 million euros and also raised the amount of funding per start-up to two million euros. What's more, the funding is being extended and can still be applied for until the end of this year.

In August 2020, the CSH started with a volume of over 30 million euros, and to date 36.4 million euros have been paid out to start-ups in 81 investments in Saxony. "The large number of founding teams that have taken advantage of the CSH's funding offer shows how diverse the start-up culture now is in Saxony. There is a new generation of crisis-tested entrepreneurs growing up who want to make a difference locally," says Saxony's Minister of Economic Affairs Martin Dulig. The money from the CSH comes from the federal government and the Kreditanstalt für Wiederaufbau (KfW) as well as the Saxon Free State and the Sächsische Aufbaubank. The Mittelständische Beteiligungsgesellschaft Sachsen (MBG) also participates and manages the fund. To date, it has recorded 135 enquiries from start-ups.

"Young companies in Saxony are particularly vulnerable in times of pandemic because, unlike established companies, they cannot draw on capital reserves that have grown over several years," says MBG Managing Director Markus H. Michalow, explaining the need for the funding. The fund is aimed at knowledge-based, technology-oriented start-ups across all sectors and quietly participates with equity and equity-like funds.


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