Expanding reach of assistance programs for businesses is crucial. - Expanded Assistance Programme Targets Expanded Businesses
The German state of Erfurt is making significant strides in supporting small businesses and craft enterprises with the revamped "InnoInvest" program. Overseen by the German Federal Ministry for Economic Affairs and Climate Action (BMWi), the initiative was initially launched by the Thuringian Ministry of Economic Affairs in October 2022.
Since its inception, the "InnoInvest" program has already provided funding to 230 companies, totalling 5.8 million euros. This funding has enabled investments worth 22 million euros, a testament to the program's success in a short span of time.
To make the program more accessible, the application process for the "InnoInvest" grant has been simplified. Additionally, the upper limit for investments has been raised from 250,000 euros to one million euros. Moreover, the program now supports small investments starting from 5,000 euros, a decrease from the previous 20,000 euros threshold.
The "InnoInvest" program is designed to aid businesses in developing new products and services, as well as new production methods. By 2029, 40 million euros from EU funds will be available for the program.
A notable change in the program is the shift from complex calculations to determine the grant amount. Instead, a flat rate will be paid based on the project's expenditure, making it easier for businesses to understand and benefit from the program.
The "InnoInvest" program is specifically geared towards businesses within the state of Erfurt. It is expected that these changes will make the program more attractive to small businesses and craft enterprises, fostering innovation and growth within the region.
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