Flemish measures for life sciences companies
Flemish measures for life sciences companies
1. Temporary increased support for investments in medical products and protective equipment
Companies that develop medical products and protective equipment as a result of the corona crisis can temporarily request higher investment aid. This concerns investments that have recently started, after 1 June 2020, and includes medicines or protective clothing for the sake of health and protection at work.
2. VLAIO grants: continuation of activities & relaxation of deadlines
What is the impact of COVID-19 on the deadlines for the evaluation of current files within VLAIO?
The activities of VLAIO will continue during this period. The VLAIO employees remain available via email and Skype.
Will VLAIO take into account the mid-term evaluation of files with delays within companies as a result of the COVID-19 pandemic?
Organisations that, as a result of the crisis, will find it difficult to meet the deadlines for grants awarded, can extend these deadlines. Deadlines can be extended by 3 months by sending an email request to your VLAIO contact.
A postponement can be given if certain milestones are not reached. This can be arranged by email with your VLAIO contact person.
Are there plans within VLAIO for specific project financing of COVID-19 specific projects?
At this time there is no specific project funding related to COVID-19 but as far as possible we will prioritize projects related to COVID-19.
We advise companies that are obliged to reduce their normal activities under COVID-19 to focus on writing and submitting innovative project proposals to VLAIO. After all, our life sciences sector is perfectly placed to provide solutions to this health crisis!
3. PMV's financial arsenal supports companies against the impact of the coronavirus
Following the outbreak of the coronavirus and the resulting security measures, many Flemish SMEs are experiencing financial difficulties. Even after the corona crisis, we expect it will be difficult for many companies to recover.
In order to guide Flemish companies through these exceptional times, the Flemish government decided to expand the financial strength of the Flemish investment company PMV to the maximum, by:
Expand the guarantee capacity for credit amounts to EUR 1.5 million by EUR 100 million to EUR 400 million
Double the guarantee capacity for credit amounts above 1.5 million euros to 3 billion euros
Provide an additional budget of EUR 250 million for subordinated loans
Corona Crisis Guarantee
The "generic" guarantee scheme (for guarantees up to 1.5 million euros), which is marketed via PMV, will be expanded to 400 million euros in guarantee capacity, which is available based on a risk distribution of 75% Flemish region - 25% financial institutions.
Guarantee capacity of 3 billion via Gigarant
Gigarant's guarantee capacity will be increased from the current 1.5 billion euros to 3 billion euros.
For this crisis guarantee, the premium to be paid in cash will be reduced compared to the current Gigarant premium.
3.2. Subordinated loans
To mitigate the effects of the coronacrisis for Flemish companies, PMV creates a medium-term financial buffer with 3-year subordinated loans. This is in addition to very short-term bridging loans from a federal level. The focus lies on start-up companies and scale-ups, as well as mature companies that are temporarily experiencing difficulties due to the coronacrisis and are in need of financial reinforcement to overcome the consequences of the crisis. Subordinated loans (min. 25000 euros - max. 2000000 euros) must be applied for before November 15, 2020. The aim is to limit the time between the application (provided a complete and substantiated information package) and the provision of the corona loan to a maximum of 1 month.
The subordinated loan can be applied for via:
3.3. Suspension of repayment of 860 SMEs
4. Postponement of payment of property tax
In order to help avoid liquidity problems, property tax assessments for companies will only be issued in the autumn (from September on).
5. Compensation schemes for entrepreneurs
This new compensation scheme is aimed at companies and their suppliers who are allowed to continue to work but who, due to the restrictive measures, have a large loss of turnover that can be demonstrated: a loss of turnover of -60% in the period between March 15, 2020 and April 30, 2020 in comparison with the same period last year.
For starters, a decrease in turnover of -60% compared to the deposited financial plan is used.
The aid includes a one-off compensation of € 3,000.
There are a maximum of 5 financial compensations per company.
The application can be made through an online application on the VLAIO website. More information is currently not available.
To be notified when there is more news about this compensation scheme, you can subscribe to the VLAIO Corona news flash.
This information can be found at: https://www.vlaio.be/nl/begeleiding-advies/moeilijkhedencoronavirus/specifieke-maatregelen-mbt-het-coronavirus/coronavirus