Hamburg launches microloans for self-employed and small businesses
Up to EUR 40,000 in microloans are now available as part of the "Hamburg-Kredit Mikro" for the self-employed and small businesses. The scheme also lends support to startups, business takeovers, investment projects, working capital and to pre-finance specific orders. Applications can be submitted to the Hamburg Investment and Development Bank (IFB Hamburg), a press release said Thursday (April 15, 2021). More than 100,000 applicants have received around EUR 1.3 billion in supportive funding since the launch of the Corona Protective Shield in March 2020, the senate said.
Support in start-up phase
Michael Westhagemann, Senator for Economics, remarked: "It is important to me that we also take this target group with us. Small companies and solo self-employed people, who are beginning their business or are in the start-up process, find it difficult to get financing especially in the pandemic." Andreas Dressel, Senator for Finance, stressed the importance of microloans as bridging aid, and noted: "This is good news for many self-employed people and small business entrepreneurs, who have to bridge liquidity bottlenecks in this difficult situation."
Up to EUR 40,000 available
Maximum loans of up to EUR 40,000 are reserved for small companies in their fifth year of business year and onwards. Firms that have been in existence for less than five years can obtain between EUR 5,000 and 25,000 in funding. The senate is making corona-related grants, loans and lending schemes available to commerce in Hamburg via the IFB.
The Hamburgische Investitions- und Förderbank (IFB Hamburg) supports housing and economic development as well as environmental protection and innovation projects. IFB Hamburg is the main point of contact for private individuals, companies and institutions in Hamburg and advises about all funding offers in the city and those of the German government and the European Union. More information can be found on: www.ifbhh.de