Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure AT-2015-33/2660 – measures in Austria
|Country||Austria , applies nationwide|
|Time period||Open ended, started on 14 August 2015|
|Context||Restructuring Support Instruments|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Access to finance
|Author||Bernadette Allinger (Forba) and Eurofound|
|Measure added||23 June 2022 (updated 19 October 2022)|
This measure establishes crowdfunding as a legitimate alternative to the traditional loan finance for start-ups and SMEs to access funding. The alternative financial instruments included in the act are stocks, bonds, shares in companies and cooperatives, participation rights, silent partnerships and subordinated loans.
Funding - National government: Legal framework and monitoring of compliance with the act.
The Act raises the threshold for publicly sourced funding from €200,000 to a maximum of €1.5 million, which means issuers will only have to draw up a simplified prospectus for loans up to these amounts. However, the maximum investment amount per private investor may not exceed €5,000 within 12 months.
employ fewer than 250 employees; and
have an annual turnover not exceeding €50 million; or
have an annual balance sheet not exceeding €43 million.
SMEs are not eligible when they have a concession pursuant to the Austrian banking act, the securities supervision act 2007, the alternative investment fund manager law, the payment services act, the insurance supervision act or the electronic money feature.
In 2018, the 'alternative financing act' has been adapted. The threshold for the law to apply has been raised to €2 million within 12 months.
Examples: Crowdfunding Examples (Donation and Reward): Küche am Graben, Kaahée, Mesnerhof-C, Magdas Hotel; Crowd-Investing-Examples: Alm-Resort Nassfeld, Kinderhotel Rudolfshof, Thermenhotel KUrz, Gasteiner Bergbahnen (Bank and Schopper 2017).
As the Federal Ministry of Digital and Economic Affairs has stated in a press release (see OTS ) in September 2018, a total of 342 projects have been realised in the area of crowdinvesting. Until the end of 2017, the project volume has reached € 65,8 Million. For the first half year of 2018, an additional € 18,2 Million has been allocated with the help of this instrument.
This act is the first of its kind in Europe. The OECD (2016) has reported that such measures have the potential to boost entrepreneurship and corporate investments.
|Does not apply to workers||
||Does not apply to citizens|
Company / Companies
No special funding required
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
Eurofound (2022), Alternative Finance Act, measure AT-2015-33/2660 (measures in Austria), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/AT-2015-33_2660.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.