The senate has instructed the Hamburgische Investitions- und Förderbank (IFB Hamburg) to offer innovative SMEs and young start-ups financial support via the Hamburg-Kredit Innovation, a press release said Tuesday (September 13th). The loan allows companies to finance operating materials and investments between EUR 100,000 and EUR 1.5 million over a five to ten-year period. Frank Horch, Senator for Economics, Transport and Innovation, said: “We need a clear, target-orientated support system with custom-made products that links the financing of promising future innovative companies with great consulting expertise. The IFB Hamburg does all that.”
Purpose of new loan
The Hamburger-Kredit Innovation supports the series production and market launch of products from successful, supported or self-financed R&D projects through low-interest loans. It also helps finance the development of products and launch innovative projects on the market as well as start-ups.
Financing through the Hamburg-Kredit Innovation has been made possible by the InnovFin SME Guarantee Facility which is part of “InnovFin – EU Finance for Innovators”, an initiative launched by the European Commission in the frame of Horizon 2020 and through the European Fund for Strategic Investments (EFSI). The EFSI aims to overcome current market failures by addressing market gaps and mobilising private investment. It supports strategic investments in key areas such as infrastructure, education, research and innovation, as well as risk finance for small businesses. This is the first time Hamburg has availed of funds from the so-called “Juncker Plan”.
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