Hamburg increases Corona Recovery Funds for smoother relaunch

EUR 207 million for start-ups and SMEs - extension until end 2021
09 July 2021
HafenCity and Landungsbrücken

The senate has increased the "Corona Recovery Fund" by EUR 100 million to EUR 207 million until late 2021 to help companies hit by the pandemic-induced crisis. The recovery fund offers start-ups and mid-sized companies targeted support and focuses increasingly on growth opportunities in the post-pandemic era, the senate said. 

Ongoing need of aid

"We can provide support to companies in the all-important restart phase by continuing and expanding the successful Corona Recovery Fund," said Michael Westhagemann, Senator for Economics. More companies can receive aid following the increase. Several Hamburg-based firms still need help relaunching as the coronavirus-induced crisis is not yet over in economic terms, said Andreas Dressel, Senator for Finance.

Maximum aid increased

Companies can now receive up to EUR 1.8 million maximum in equity capital from the Hamburg Investment and Development Bank (IFB Hamburg). More than 160 companies have received around EUR 60 million from the recovery fund. IFB has paid out over EUR 2 billion in corona-related aid so far. 

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IFB Hamburg

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 of the city's grants and those of the German government and the European Union. More information can be found on: www.ifbhh.de