As of 24 March. Please note this sections is being updated continuously as more information is made available.

Background

• Innovation Norway is the an arm of the Norwegian Government
• Innovation Norway is the Norwegian government's official trade representative abroad
• They aim to assist Norwegian businesses grow and find new markets
• Now, Innovation Norway is adjusting its offerings to meet changing needs as a result of the corona pandemic. This applies to grants, loans and guarantees
• All proposed measures listed below
• The two key take aways are i) cuts in interest rates (1ppt on low-risk loans and 1.25ppts on "risk loans" (No. risikolån); and ii) an increase in start-up loans from NOK 1.5m to NOK 2m without an increase requirement of equity
• This is within the decision power of Innovation Norway, so this does not have to pass by Parliament

Details

• Innovation Norway cuts interest rates by 1.0 percentage point on low-risk loans and 1.25 percentage points on risk loans. This applies to new loans from 23 March and to current loans from 15 April.
• Start-up loans increases from maximum NOK 1.5m to NOK 2m, without increasing the requirements for bail or equity
• The interest-free period is increased by six months on existing and new start-up loans
• No installments on start-up loans for the first four years
• Start-ups that have received commercialisation grants are also given the opportunity to receive start-up loans. Previously, it was only possible to receive support from one of the schemes. The change applies to both existing and new customers
• Simplifying the application process for postponing repayments. The scheme is for companies affected by the corona pandemic, and they mainly grant a one-year installment deferral
• Contributing with larger financial support than normal by utilising the openings within the state aid regulations
• Opening up to innovation – and risk loans with lower collateral requirements than they normally have