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Innovation credit

By 18 June 2020June 25th, 2020No Comments

Innovation credit

The innovation credit is a loan for innovative development projects in the technical and clinical fields, to stimulate entrepreneurs to innovate.

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Total amount subsidy

€ 60.000.000

What is the Innovation Credit?

In order to stimulate innovation, the RVO created the Innovation Credit. With this Innovation Credit, all companies, whether you are just starting out or are already an established business, can benefit from a capital injection. This capital injection is intended to develop promising and challenging innovations. This can be a completely new product or device, but also, for example, the clinical development of a drug. With the Innovation Credit, the Ministry of Economic Affairs and Climate ensures that the Netherlands and the Dutch economy remain innovative and can grow in a sustainable manner. If you are developing a new product, device, or medicine, you are probably eligible for the Innovation Credit. Note, however, that this is a loan, which must be repaid within 10 years including interest.

Why the Innovation Credit and not a bank loan?

You can of course also go to the bank for such an innovative project to take out a loan. However, the problem with banks is that innovative projects often carry a high risk. They prefer to give a loan to a company with a proven business model. The interest and conditions attached to a loan from a bank for an innovative project are therefore often very unfavorable so that the Innovation Credit offers a solution. The government recognizes that these projects are necessary for the Dutch economy. Therefore, unlike banks, they are willing to take a higher risk.

Budget of the Innovation Credit

The budget available for the Innovation Credit is divided into two parts. Of the total € 60 million of the Innovation Credit, € 30 million is reserved for technical development projects and the other € 30 million for clinical development projects. Since 2008, nearly € 500 million in capital has been invested in Dutch innovation, spread over more than 200 projects. The average application of these projects is € 1.8 million and € 2.8 million for technical projects and clinical projects, respectively. However, the maximum to apply depends on your company size and is € 5 million for clinical development projects and € 10 million for technical development projects.

Conditions of the Innovation Credit

As with all subsidies and loans, there are also conditions with the Innovation Credit that you must take into account when applying. Only complete applications that meet the conditions will be assessed by the lender. Think about:

  • Your project must be challenging and innovative on a technical level
  • Your project must have at least € 150,000 in project costs
  • Within 5 years, your project must become a market-ready product, process, service or medicine
  • Your project must have a positive influence on the Dutch economy

These are the somewhat simpler conditions, but as with the last point, it is often difficult to assess yourself and everything has to be taken into account. MK can help you with this and it is also possible to do a quick scan to see if you are really eligible.

Applications for the Innovation Credit

Applications for the Innovation Credit are made through the Netherlands Enterprise Agency (RVO). This was already possible on February 7. The RVO only processes complete applications for the Innovation Credit and the date of application is factor for who will or will not be awarded if the budget is exceeded. The application you have to submit is a fairly complex bundle of documents. For example, you must provide all of the following:

  • Annual figure
  • Outcome SME test
  • Marketing research
  • Feasibility study
  • Application form
  • And attachments, such as a business plan, project plan and financial plan

All this makes it difficult for many companies to indeed submit a complete application. MK ensures that everything about your application for the Innovation Credit is bundled and that it is completely delivered to the RVO. In this way we ensure a higher chance of success. Contact us so that we can see if you are eligible and if so how much money you can get and how we are going to ensure that you actually get it.

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