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.

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

• 27 March 2020: New package of measures for the business community (www.regjeringen.no)
• 27 March 2020: NOK 4.5 billion extra to help Norwegian businesses (www.innovasjonnorge.no)
• 29 January 2021: 500 million more to entrepreneurs (www.regjeringen.no)