Factsheet for case AT-2020-36/1240 – measures in Austria
, applies regionally
|Time period||Open ended, started on 01 September 2020|
|Type||Other initiatives or policies|
Supporting businesses to stay afloat
– Access to finance
|Author||Bernadette Allinger (Forba) and Eurofound|
|Case created||05 October 2020 (updated 28 April 2021)|
The effects of the COVID-19 pandemic on the economy and workforce in Vienna will be clearly felt for some time to come. Therefore, already at the beginning of the crisis, the City of Vienna and the Vienna unit of the Economic Chamber presented a first aid package for Viennese SMEs; in April 2020 the aid was doubled.
In September, the City of Vienna decided on further measures. Cornerstones of the 3rd Corona package, which is worth more than €50 million, are the Vienna labour market, gastronomy, tourism and night economy.
Of these earmarked €50 million, €14 million will be allocated to the Vienna Loan Guarantee and Holding Bank's (WKBG) new growth campaign for digitisation, climate protection and location revitalisation. €7 million will come from the City of Vienna and another €7 million from the Vienna Economic Chamber. As a development bank, the WKBG will act as a deficiency guarantee for up to 70% of the investment costs to the financing bank. In total, this means a liability for loans of up to €20 million.
The financing volume of the 'Growth Campaign NEW' lies at €10,000 to €200,000. Three different actions are differentiated, the digitisation action, the climate action and the location revival.
Details on the digitisation action are as follows:
Investments in hardware and software, external advice, personnel, etc., e.g.
Details on the climate action are as follows:
Investments in plant and working capital with the effect of CO2 reduction, e.g.
Details on the location revival are as follows:
Investments in new or existing business premises and businesses:
For all three "actions", the following conditions apply:
By the end of July 2020, some 194 applications have been approved or liability agreements finalised. In total, a credit volume of around €17.5 million has been collateralised with an average credit of €92,000. Further applications are being processed.
|Does not apply to workers||Applies to all businesses||Does not apply to citizens|
Local / regional government
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement||Agreed (outcome) incl. social partner initiative|
|Form||Not applicable||Direct consultation outside a formal body|
Social partners' role in the implementation, monitoring and assessment phase:
The Vienna Economic Chamber designed, initiated and finances this measure together with the City of Vienna.
The regional Vienna Economic Chamber was involved in the design and financing of the measure, thus it is supportive. No information on the unions' views/reactions is available.
Eurofound (2020), Guarantees for bank loans - Vienna, case AT-2020-36/1240 (measures in Austria), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.