Further expansion of schemes for entrepreneurs

On April 28, the Ministry of Economic Affairs and Climate expanded financial support for entrepreneurs and also relaxed a number of existing regulations. This will potentially help ten thousand additional entrepreneurs.

It has been decided that a longer term and lower threshold will apply for the use of the corona scheme Guarantee for Small and Medium-sized Enterprises (BMKB). The term of this credit is extended to four years. This gives entrepreneurs more time to pay it back. Access to the scheme will also become more accessible. The Ministry of Economic Affairs and Climate Policy previously reduced the scheme's premium and increased the guarantee budget.

The previously introduced scheme for Compensation for Entrepreneurs in Sectors Affected by COVID-19 (TOGS) has also been further relaxed. Entrepreneurs can now claim the scheme based on their registered side activity. To use the TOGS, the activity must still meet the previously set minimum requirements, such as the amount of turnover loss.

In addition, the European Commission has approved increasing the guarantee ceiling of the Business Financing Guarantee (GO scheme). This has been increased from 400 million to 10 billion euros. The term of this credit is six years.

Furthermore, the budget of the so-called SEED Capital scheme will be increased from 22 to 32 million euros. With this scheme, EZK provides additional capital to investment funds that startups can claim. 

As an entrepreneur, do you have any more questions? Check us out corona file. Curious about all the arrangements? Then visit the website Chamber of Commerce.