Dashboard with numbers between 29 April - 27 May

Corona Bridging Loan (COL) increased by € 50 million to € 200 million as part of second tranche

George Fisher-Wilson

Friday, May 29, 2020

The government announced this afternoon that the second tranche of the Corona OverbruggingsLening (COL), which contributes to improving the liquidity position of innovative companies (startups and scaleups), has been increased by € 50 million to € 200 million in total. 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 creation of this new support package.

On Wednesday 20 May the government announced that in addition to an earlier tranche of € 100 million another € 150 million would become available for start-ups, scaleups and innovative SMEs. The €50 million extra will now be added to that. In addition, € 100 million is available from Invest-NL via the Temporary Bridging Loan Programme for innovative Start-ups and Scaleups (TOPSS).

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

Startups survival threatened

The impact of the COVID-19 crisis is dire for startups and scaleups: an inventory we did showed that 55% of companies see demand disappear due to the loss of existing customers or the absence of new customers. Fetching necessary new funding is a problem for this group. They can also only make limited use of other support measures aimed at debt-financed companies. 

Since the opening of this portal on the 29 April, 1,507 startups, scale-ups and innovative SMEs have applied for a COL. These companies applied for a total of € 540 million. Meanwhile, 311 applications have been approved for over €100 million. Approximately 50% of the applications are still being processed. 

Why we're pushing for further support

Check the letter we sent this week to the members of Parliament