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COVID-19 EU PolicyWatch

Database of national-level responses

Eurofound's COVID-19 EU PolicyWatch collates information on the responses of government and social partners to the crisis, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for case NO-2020-13/1211 Updated – measures in Norway

New measures for entrepreneurs and growth companies

Ny tiltakspakke for gründere og vekstbedrifter

Country Norway , applies nationwide
Time period Open ended, started on 27 March 2020
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Aasmund Arup Seip, FAFO and Eurofound
Case created 01 October 2020 (updated 04 May 2021)

Background information

The 27 March, the government proposed a new package of measures worth almost NOK 4.5 billion (€440 million) to help companies through the COVID-19 crisis. Half of the state funded package should go to strengthening subsidies for entrepreneurs and growth companies. Innovation Norway (Innovasjon Norge) manage the funds that will go to development projects in innovative start-ups, small and medium-sized enterprises, and growth companies across the country. 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.

Content of measure

Innovation Norway (Innovasjon Norge) manage a government funded package of measures to help the country's entrepreneurs and growth companies through the COVID-19 crisis. With these grants, Innovation Norway shall contribute to the national benefit with instruments that complement the other measures the government has already introduced. The package represents an increase in Innovation Norway’s framework of NOK 4.5 billion. It is distributed as follows:

  • NOK 2 billion to innovation grants, i.e. grants towards development activities in small and medium-sized enterprises, which are assumed to have large market potential.
  • NOK 500 million towards established grants, i.e. entrepreneurs and start-up companies with innovative business ideas that have market and growth potential but reduced access to equity.
  • NOK 1.6 billion increase in the loan limit for innovation loans. Innovation loans can be used to commercialise new solutions, strengthen working capital, and to promote companies to expand abroad.
  • NOK 300 million to interest fund support, which gives Innovation Norway the opportunity to grant interest-free periods for our customers.
  • NOK 50 million to a scheme for private innovation environments. This is in order to secure the environments that have been build up over several years, including but not limited to incubators, co-working spaces and accelerators.

Updates

The following updates to this measure have been made after it came into effect.

23 February 2021

23 February, the funding of support to entrepreneurs and growth companies was increased by €49.6 million (NOK 500). The funding goes to small and medium-sized companies that can apply for development projects in 2021 and will made it possible for companies to carry out projects despite liquidity challenges under the pandemic.

Use of measure

No information to date.

Target groups

Workers Businesses Citizens
Self-employed
SMEs
One person or microenterprises
Larger corporations
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 the design and implementation of the measure.

Views and reactions

The social partners are supportive of the measure.

Sources

Citation

Eurofound (2020), New measures for entrepreneurs and growth companies , case NO-2020-13/1211 (measures in Norway), 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.