The COL was installed to help innovative companies, such as startups and scaleups, in need due to COVID-19. These companies had difficulty applying for “regular” SME government facilities because of how they operate. The COL, a €300M government facility of the Ministry of Economic Affairs and Climate Policy, executed by the ROMs, provides loans for these companies to bridge the COVID-19 crisis.
From 29th of April until 1st of July 2020 more than 600 startups, scaleups and innovative SMEs receives a Corona Bridging Loan (COL) for an expected total amount of 217 million euros.
Since the start of the COL, around 1800 applications have been processed. The vast majority (74%) of the applicants requested a bridge loan amount in the €50.000-250.000 category, with a median of €240.000, to bridge these coming 9 months. Most applications were done by startups, around 59%, and scaleups made up for 23% of the applications.
Based on portal core data, 600 applications (34%) have been fully approved and 1007 (57%) of the applications have been denied. And it took the ROMs, on average, around 1 month to decide on an application, and, if approved, to pay out the loan.
When looking at the data in this report that covers the first 2 months of the COL, it becomes clear that the COL is a government facility that provides necessary relief for innovative startups, scaleups and SMEs in the Netherlands battling negative effects of the COVID19 crisis.