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Techleap.nl Updates

Additional 150 million made available for bridge financing for startups and scaleups

Rutger Huizenga

Wednesday, May 20, 2020

This afternoon, the government announced that it would make € 150 million available in the second support package for the Corona-OverbruggingsLening (COL) for start-ups, scaleups and innovative SMEs. In recent weeks, the Ministry of Economic Affairs and Climate, Techleap.nl, the joint ROMs and Invest-NL have worked very intensively together on the realisation of this second support package.

The second support package comes on top of the € 100 million previously made available by the Cabinet via the Corona-OverbruggingsLening (COL) and the € 100 million from Invest-NL via the Temporary Bridging Loan Programme for Innovative Startups and Scaleups (TOPSS).

Applications for the second support package can be submitted via the COVID 19 bridge financing portal managed by Techleap. The loans will be granted via the regional development companies (ROMs) in the Netherlands. 

CEO Techleap.nl Nils Beers: "The COL is intended to help startups in acute need. This € 150 million is an important investment for the preservation of these innovative organisations. Startups and scaleups are a crucial link in the engine for the recovery of the Netherlands. It is necessary that now also provinces will start to invest and that measures will be taken to promote the recovery".

Startups in crisis

The impact of the corona crisis is great for startups and scaleups: a report by Techleap.nl shows that 55% of companies see demand disappear due to the loss of existing customers or the absence of new customers. Fetching the necessary new funding is a problem for this group. They can only make limited use of other support measures aimed at debt-financed companies. Together with the ROMs and Invest-NL, Techleap.nl developed an online application portal where companies can apply for COVID-19 bridge financing.

Since the opening of this portal on 29 April last, more than 1500 startups, scaleups and innovative SMEs have submitted applications for 618 million euros for a Corona-OververbruggingsLening (COL) or the Tijdelijk Overbruggingskrediet Programma Innovative Start- en Scaleups (TOPSS).