Applications for the Corona Bridge Loan (COL) continue to pour in. As of April 29, 1,507 startups, scale-ups and innovative SMEs have applied for a COL. These companies are applying for a total of €540 million. Meanwhile, 311 applications have been approved for over €100 million. About 50% of the applications are still pending.
The Cabinet announced Wednesday, May 20, that in addition to an earlier tranche of €100 million, another €150 million will be available for startups, scale-ups and innovative SMEs. Given the large number of applications, there is a great need for this. Companies can apply through the COL from € 50,000 and take advantage of favorable conditions. The regional development companies provide the loans.
AppThis Group from Enschede was the first company to receive a COL in the eastern Netherlands. "We are using the loan to fill the declining sales and for final product adjustments in connection with the 1.5 meter conditions at our customers," says Arjan Zwarteveen who runs the company together with Andreas Weber.
Delft-based Qlayers also received a COL. Founder and CEO Josefien Groot: "The COL fits perfectly with the kind of company we are. An innovative startup with high costs compared to revenues. Thanks to the COL we can finish our product development and get it to market on time."
More information on COL applications to date
Almost three-quarters of the applications are for smaller tickets up to €250,000. But the 23% scale-ups that applied for COL do account for about half of the total €540 million requested. All applicants combined represent more than 15,000 jobs.
Over a third of the innovative companies that applied are in the field of soft technology (platform, SaaS, AI), but there are also many applications from medtech, life sciences, cleantech and high-tech.
The Corona-OverbruggingsLening (COL) is an emergency loan for innovative entrepreneurs and SMEs without a bank credit relationship who have run into financial difficulties due to Covid19. This scheme was created in intensive cooperation between the Ministry of Economic Affairs and Climate (EZK), the joint Regional Development Companies (ROMs) and TechLeap.nl with also close involvement of Invest-NL. At the request of EZK, the ROMs provide bridging loans between €50,000 and €2 million.