With the launch of the Hamburgische Investitions- und Förderbank (Hamburg Investment and Funding Bank), the business location Hamburg was significantly strengthened. For the first time, all funding resources available in Hamburg for residential construction, business development, innovation, and the environment have been bundled and purposefully advanced in a central institution.
Small and medium-sized Hamburg companies, for example, are now able to apply for a Hamburg credit that will provide them with funds of up to 500,000 euro for investments and equipment at very favourable conditions. In future, IFB Hamburg will also offer funding scheme for environmental or climate protection projects. Also integrated into IFB Hamburg was the former Innovation Foundation, where its successful work will now be pursued by the Innovation Agency. To stimulate research and development, an 300 million euro innovation fund was launched.
Last but not least, also the success housing policy of the former Wohnungsbaukreditanstalt will be pursued by IFB Hamburg. To implement the housing policy of the Hamburg Senate, 717 million euro of the prudential equity have been allocated to IFB Hamburg. Over the next years, the promotion and creation of new housing will continue to form the largest sum within IFB Hamburg‘s funding budget.
Reasons for the launch of the new bank were twofold: to enhance the effectiveness of Hamburg‘s funding policy and to increase the allocation of funds provided by the European Union or the German government. In the global location competition, IFB Hamburg is a vital and effective tool to further strengthen Hamburg‘s position as one of the strongest business locations in Europe.