Innovation Norway received an additional NOK 4.5 billion from the government which are now available to Norwegian companies through loans and grants.
“The financial crisis in 2008 illustrated that a time of crisis is also a time for innovation and change. Norway, and the world, is facing a situation that requires many to change the way they work, and we can help with that, "says Håkon Haugli, CEO of Innovation Norway.
The corona pandemic is changing the lives and prospects of many businesses. Many have to think anew, initiate strategy processes, do preliminary studies, initiate research and development projects, establish new production methods, or develop new products and services. Innovation Norway can help finance such innovation and restructuring activities.
“This will be invaluable to many of the country's small and medium-sized businesses in a difficult time. The schemes will contribute to new activity and prevent unnecessary layoffs as a result of the corona situation. It is important for the Norwegian business community to maintain its resilience and growth capacity,” says Iselin Nybø, Minister of Trade and Industry.
Read more about Innovation Norway's measures for Norwegian companies (in Norwegian).
For entrepreneurs, Innovation Norway is increasing its offerings significantly through grants and loans. Innovation Norway can increase its contribution towards market clarification and commercialisation in particular. We can provide grants of up to NOK 1.5 million and start-up loans of up to NOK 2.4 million. The requirements for self-financing are reduced.
Companies can now apply for both grants and start-up loans, which has not been possible previously.
The scope of innovation loans more than doubles to a total of NOK 3 billion. Increased funding gives Innovation Norway the opportunity to provide loans to companies that initiate innovation, restructuring, growth and development projects. We can now offer more financial support, and we can offer good terms such as interest and repayment exemptions.
“Those of us who have the opportunity to take higher risks on behalf of the companies must do so now. It ensures that good projects do not stop because of the corona crisis,” says Haugli.
Norwegian SMEs can apply for grants from historically large frameworks. A new innovation grant will contribute to innovation and development projects.
The funds will stimulate product and service development, strategy and competence development, investments needed to implement or utilise the results of innovation projects, facilitation of development activities and projects, and corporate networks.
The goal is to strengthen the companies' competitiveness through the development and implementation of new products, services or production processes. The grant may go towards part-financing of these activities. Read more (in Norwegian).
The innovation grant is in addition to established schemes such as innovation contracts and the Environmental Technology Scheme.
“Important development projects must continue. We support companies and projects that were competitive and viable before the corona pandemic, and ensure that Norway maintains adaptability and growth capacity,”says Haugli.