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If you use (clinical) technology to develop a new product, medicine or device, you may be eligible for the Innovation Credit Scheme.
When do you qualify?
The Innovation Credit scheme (in Dutch) is used to stimulate development projects to which financial risks are attached. The Innovation Credit is available for innovative SMEs and SMEs+ that require financing. To be eligible you must meet the requirements (in Dutch), amongst others:
- Businesses must be established in the Netherlands.
- Projects should lead to a viable product, process or service within 5 years.
- The minimum project size of the innovation credit is €150,000.
- Projects should contribute to the Dutch economy.
- There should be enough financial resources to complete the project (together with the funding), including any setbacks.
The amount of funding you receive depends on the size of your business. The maximum amount of funding for a medical project is €5 million, for technological projects this is €10 million. Half of the total budget will be allocated to technology projects and half to medical developments.
Corona: payment extension
As a result of the corona crisis, conditions for this Innovation Credit scheme have been eased (in Dutch). Participants get a 6 month extension of interest payments and repayments. You start repayments again on 1 October 2020, this means your repayment schedule will be extended. Interest on your Innovation Credit will be added to your outstanding balance. Please note: you are not obliged to make use of this extension.