Background information

In March 2020, Innovation Norway (Innovasjon Norge) put into action several measures to facilitates the business community's access to Innovation Norway's total budget of seven billion kroner (€650 million) due to the COVID-19 crisis. Among the measures were reduced interest rates, innovation and risk loans with lower collateral requirements and no instalments on start-up loans for the first four years. Innovation Norway is a Norwegian hybrid state-owned company established by law in 2003 with the aim of increasing innovation, growth and export for Norwegian businesses through capital and expertise. Innovation Norway manages funds for ministries and counties.

Content of measure

The 23 March, Innovation Norway adjusted its offerings to meet changing needs as a result of the COVID-19 pandemic. The measures apply to grants, loans and guarantees. Among the measures are:

• Cut in interest rates on loans. This applies to new loans from 23 March and to current loans from 15 April.
• Simplification of the application process for postponing repayments. The scheme mainly grants a one-year instalment deferral.
• Opening up to innovation loans and risk loans with lower collateral requirements than normally required.
• Allowing customers who experience delays more time to decide on financing commitments. Extending payment deadlines.
• Innovation Norway increases its proportion of grants from 50 to 75% of the total costs for commercialisation grants
• This applies to new projects and means that the requirement for other capital is significantly reduced.
• Start-up loans increases from maximum NOK 1.5 million to NOK 2 million (€186,000), without increasing the requirements for bail or equity.
• The interest-free period is increased by six months on existing and new start-up loans.
• No instalments on start-up loans for the first four years.

Use of measure

No information to date.

Target groups

Workers	Businesses	Citizens
Does not apply to workers	SMEs Start-ups	Does not apply to citizens

Actors and funding

Actors	Funding
National government Public support service providers	National funds

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	Consulted	Consulted
Form	Direct consultation outside a formal body	Direct consultation outside a formal body

Social partners' role in the implementation, monitoring and assessment phase:

• Social partners jointly
• Main level of involvement: Peak or cross-sectoral level

Involvement

Social partners have been consulted regularly during design and implementation of the measure.

Views and reactions

Social partners are supportive to the measure.

Sources

• 23 March 2020: Easing access to Innovation Norway's total framework of seven billion NOK (www.innovasjonnorge.no)