EUR 50 million COVID-19 Start-Up Assistance Fund established
COVID-19 Start-Up Assistance Fund
Starting with immediate effect, applications for financial support can now be made by Austrian start-ups to the COVID-19 Start-Up Assistance Fund (see https://www.aws.at/aws-eigenkapital/covid-start-up-hilfsfonds/).
Funds privately invested can be doubled by subsidies from aws, thus helping to support the start-up scene.
Which start-ups are eligible to submit an application?
- Austrian start-ups whose business operations show high growth potential or which have received funding approval from aws or FFG within the past two years
- Businesses founded no more than five years ago (calculated from 15 March 2020)
- Annual turnover below EUR 10 million
- Up to 50 employees
- Proof that the COVID-19 crisis has had a negative impact
- Investments of at least EUR 10,000 by independent, private investors
Private investments that are or have been made since the COVID-19 crisis started are doubled:
- Equity or equity-like capital contributions between EUR 10,000 and up to EUR 800,000
- The volume of subsidies provided by aws amounts to EUR 50 million, thus it is possible for total new capital of up to EUR 100 million to be provided to start-ups
- Repayable over the following 10 years only if the business generates annual net profit
- Applications can be made via the aws on a first come, first served basis by 15/12/2020
