The 100M Corona Bridge Loan (COL) facility is available to startups, scale-ups and innovative SME's. This arrangement was established in cooperation between the Ministry of Economic Affairs and Climate, the joint RDCs, TechLeap.nl and close involvement of Invest-NL.
The Regional Development Companies (RDCs) will provide the bridging loans 'under favourable conditions' at the request of the cabinet. COL is an emergency instrument that can provide a temporary bridge to break-even or a follow-up round. It offers a bridge loan between €50,000 and €2,000,000. For amounts above €250,000 euros, 25% co-financing is expected from the shareholders of other investors.
A uniform interest rate of 3% is applied and the terms are tailored to the target group. The aim is to assess and process applications under € 500,000 within four to nine working days. For applications above € 500,000 the aim is to reach a final decision within three working weeks.
COL is an emergency instrument due to coronavirus
The COL is an emergency instrument in connection with the economic situation as a result of the Covid19 outbreak. This means that entrepreneurs must be able to demonstrate that they need this loan because of the current economic situation, and they have a sustainable and healthy future perspective. Entrepreneurs must also have taken cost-reducing measures that you can reasonably expect from them at this moment.
Applications possible from April 29
From Wednesday 29 April 09:00 it is possible to apply via a special online portal. Only applications submitted online will be processed. Applications for financing up to €5,000,000 that Invest-NL and the RDCs will jointly look at can also be submitted via this portal, which was developed together with TechLeap.nl. The link to the portal will be published on the RDCs joint website.
More information about criteria and applications can be found at www.rom-nederland.nl/corona-overbruggingslening. (communication in Dutch)