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Techleap.nl Updates

1,270 innovative companies apply for a total €630 million in financial support

Rutger Huizenga

Wednesday, May 13, 2020

Two weeks after the opening of the Corona-OververbruggingsLening (COL) and the Tijdelijk Overbruggingskrediet Programma Innovative Start- en Scaleups (TOPSS) almost 1,300 startups, scale-ups and innovative SMEs have applied. The companies have applied for a total of €630 million via one of the two facilities.

In particular, many applications for the COL

Approximately 1,270 companies have applied for some €460 million through the COL since 29 April. These companies together account for the employment of 14,500 FTEs. The high number can be explained by the large financing needs of startups, scaleups and innovative SMEs. They can apply via the COL from €50,000 and make use of favourable conditions. The average amount applied for is approximately €365,000,- nationwide. The government initially earmarked €100 million for the Corona-OververbruggingsLening. 

Due to the large number of applications, the processing time of 9 working days for applications up to €500,000 is not feasible and the aim is to process these within 14 working days. For financings between €500,000 and €2 million, they aim for an execution time of a maximum of three working weeks.

Funding requirement TOPSS 170 million

Invest-NL is allocating €100 million for the Temporary Bridging Loan Programme innovative Startups and Scaleups (TOPSS). For TOPSS applications Invest-NL applies a lower limit of €2 million. The TOPSS funding is intended to continue investing during the COVID-19 crisis. In two weeks time Invest-NL received 27 applications. The total financing requirement for these applications amounts to €170 million. Invest-NL will, in case of a positive assessment, provide up to 50% of the financing.

About COL & TOPSS

The Corona-OververbruggingsLening (COL) is an emergency loan for innovative entrepreneurs and SMEs without a bank credit relationship who have run into financial difficulties because of Covid19. This scheme was established in close cooperation between the Ministry of Economic Affairs and Climate Change (EZK), the joint Regional Development Agencies (ROMs) and Techleap.nl, also with the close involvement of Invest-NL. At the request of EZK, the ROMs provide bridging loans between €50,000 and €2 million. 

With TOPSS Invest-NL wants to guarantee the availability of risk capital for innovative start-ups and scaleups. TOPSS applications have a lower limit of €2 million. The TOPSS financing is provided in the form of a convertible loan and is always done with the involvement of other professional investors. 

Dashboard with numbers between 29 April 9 o'clock - 13 May 9 o'clock
Dashboard with numbers between 29 April 9 o'clock - 13 May 9 o'clock

Reports

  • Counter bridging finance for innovative companies stands at 630 million
    Counter bridging finance for innovative companies stands at 630 million
    Dashboard COL & TOPSS May 13
    Dashboard COL-regeling Corona-OverbruggingsLening, voor aanvragen tot €2M
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1 reports