Factsheet for measure
AT-2020-10/213
–
Updated
– measures in Austria
State support for tourism - Access to finance
Massnahmenpaket fuer den Tourismus - Bank
Background information
As the tourism industry was among the first sectors to be affected by the closure of enterprises and travel restrictions, the Austrian government - following dialogue with the social partners - announced a support package on 4 March to help ensure the liquidity of small and medium sized enterprises operating in tourism as well as in related business activities (i.e. leisure activities or transport services related to tourism).
Next to this measure, also the other support measures (short-time work, 'Haertefallfonds', subsidy for fixed costs) are available to companies in the tourism industry.
Content of measure
Initially, bank guarantees amounting to €100 million were foreseen, but this was increased to around €1 billion on 22 March 2020. Also the costs for issuing the bank guarantees (1% administration fee and 0.8% recurring provision) will be covered by the state. The financial measures are administered by the specialised Austrian Bank for Tourism (OHT).
In addition, some regional states (Bundeslaender) have declared they they will support companies by taking on the payment of interest on the loans and some banks have announced they will keep interest rates low (at 1%). The administrative application has been simplified via an online form.
For companies which were already holding loans from the OHT bank (so called 'TOP-tourism-loans'), the repayment of the outstanding capital can be stopped during 2020 upon application.
Updates
The following updates to this measure have been made after it came into effect.
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15 December 2021
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An extension for application to June 2022 is being prepared, according to the tourism ministry.
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07 October 2021
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The measure will run until 15 December 2021.
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08 April 2021
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The OHT offers three different models for assuming liability in the amount of 80%, 90% or 100% for small and medium sized companies. The budget lies at €1.625 billion.
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Use of measure
Since 11 March 2020 (until 31 March), 4,000 requests for support were received and by 26 March, more than 150 bank guarantees, with a volume of €32.5 million had been drafted.
Target groups
Actors and funding
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Actors
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Funding
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National government
Public support service providers
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National funds
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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Role
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Consulted
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Consulted
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Form
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Direct consultation outside a formal body
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Direct consultation outside a formal body
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Social partners' role in the
implementation, monitoring and assessment phase:
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Unknown
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Main level of involvement: Peak or cross-sectoral level
Involvement
The social partners were consulted.
Views and reactions
No further information available.
Sectors and occupations
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This case is sector-specific
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Economic area
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Sector (NACE level 2)
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I - Accommodation And Food Service Activities
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I55 Accommodation
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I56 Food and beverage service activities
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R - Arts, Entertainment And Recreation
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R93 Sports activities and amusement and recreation activities
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This case is not occupation-specific.
Sources
