Austria - Access to Finance
06 October 2009by Ina Dimireva -- last modified 08 October 2009
There are various types of direct state support in Austria for the promotion of business as well as one-off subsidies, interest subsidies, low interest loans, state equity capital financing, state assumption of liabilities and state guarantees.
Under certain circumstances, the state supports investments for the purposes of modernising companies and improving their competitiveness. It also supports investments that will help to secure or create jobs.
The legal foundations for state support for the promotion of business are: the Federal Law on the Promotion of Small and Medium-Sized Enterprises, the Federal Law for the Establishment of the Austria Wirtschaftsservice, the ERP Fund Act and the New Companies Promotion Act (NeuFöG).
Federal Law on the Promotion of Small and Medium-Sized Enterprises
Federal Law for the Establishment of the Austria Wirtschaftsservice
New Companies Promotion Act (NeuFöG)
Resources
The subsidy database of the Austrian Federal Economic Chamber has an online query option and an overview of potential subsidies for companies in various sectors in Austria.
Subsidy database of the Austrian Federal Economic Chamber The Federal Ministry for Economics and Labour (BMWA) provides information about the subsidies and financing options that are available to companies in Austria.
Information from the BMWA about setting up a company
Federal Ministry for Economics and Labour
The subsidy compass is a service offered by the Federal Ministry for Transport, Innovation and Technology (BMVIT). It provides free, comprehensive support throughout Austria for access to subsidies for research and technology.
The Federal Ministry for Transport, Innovation and Technology (BMVIT) provides information about accessing the research subsidies available to companies, initial advice and continuative links.
Federal Ministry for Transport, Innovation and Technology (BMVIT)
The Federal Ministry of Science and Research (BMWF) provides information about accessing research subsidies available to companies, initial advice and continuative links.
Federal Ministry of Science and Research (BMWF)
Programmes
The key governmental body for promoting and financing companies is Austria Wirtschaftsservice GmbH (AWS). As the Austrian development and financing bank, it supports companies throughout all phases of growth.
AWS's promotional activities are aimed towards small and medium-sized enterprises, start-up companies, innovative, technology-oriented companies, production-related service providers, industrial firms, investors and equity capital seekers.
The scope of support ranges from start-up promotion to financial support for growth projects and consulting and guidance for international expansion plans. Promotion takes the form of assumption of liabilities, procurement of low-price ERP loans, various subsidies as well as consulting and services.
Austria Wirtschaftsservice GmbH (aws)
aws - company related business, technology and innovation funding
aws funding for business founders
The European Recovery Programme (ERP Fund) is run by Austria Wirtschaftsservice GmbH (aws) and it manages the money deemed necessary by the US European Recovery Programme for the reconstruction of European infrastructure after WW2. It procures low interest loans for companies, particularly those operating in the areas of industry, trade, agriculture, forestry, transport and tourism.
The 'Research creates jobs' innovation support programme is run by the Federal Ministry for Transport, Innovation and Technology (BMVIT). It provides targeted support for small and medium-sized enterprises that require access to research and innovation and helps them to make better use of their potential. The use of current research for business is supported by the 'innovation cheque.' Companies can apply annually to the Austrian Research Promotion Agency for this assistance which entitles them to use the services of research institutions free of charge.
The founder programme for young, innovative, technology-oriented companies (JITU) provides targeted support and funding for young companies, particularly within the hi-tech sector. It also offers management and consulting services. The aim of the programme is to reduce the risks involved in setting up a business and to provide capital for innovative enterprises. The target group encompasses all sectors with a particular focus on information and communication technologies, physical sciences, nano-technology, clean-tech and life sciences.
Founder programme for young, innovative, technology-oriented companies (JITU)
The Austrian Science Fund (FWF) is Austria's central organisation for the promotion of fundamental research. It is dedicated to all the sciences and uses the standards of the international scientific community as its benchmark.
The Austrian Research Promotion Agency is the national funding institution for applied industrial research in Austria. It supports Austrian businesses, research institutions and researchers with a comprehensive range of services, from the management of public funding programmes to consulting services in all phases of technology development and innovation.
Austrian Research Promotion Agency (FFG)
The Österreichische Hotel und Tourismusbank (Austrian hotel and tourist industry bank) provides funding for the tourist industry.
Österreichischen Hotel und Tourismusbank (Austrian hotel and tourist industry bank)
Personalised help and advice
The enterprise start-up service of the Austrian Federal Economic Chamberprovides support for founders, successor establishments and franchisees.
Enterprise start-up service of the Austrian Federal Economic Chamber
The WIFI enterprise service is the coordination centre of the national enterprise network (UNS) of the Austrian Federal Economic Chamber.
Enterprise service of the Austrian Federal Economic Chamber
The Austrian Business Agency (ABA) is the Federal Republic of Austria's consultancy for companies investing on a transnational scale. It provides comprehensive information about Austria as a centre of commerce, arranges the necessary contacts and assists in the completion of formalities such as submitting grant applications.
Austrian Business Agency (ABA)
The Austrian Venture Capital Association (AVCO) is the point of contact for questions concerning private equity and venture capital in Austria. It offers information and expertise on the subject of the risk capital market in Austria. It also represents the interests of the risk capital industry.
Austrian Venture Capital Association (AVCO)
Business Angels Austria is a service run by Austria Wirtschaftsservice GmbH (aws). It facilitates contact between potential investors and businesses seeking equity capital financing. It supports projects in all sectors and all phases of business development, although its particular focus is on businesses in the early stages of development.
The Austrian Federal Economic Chamber provides practical information about finance for business.
Austrian Federal Economic Chamber
The Public Employment Service Austria offers advice about potential funding for companies in Austria.
Public Employment Service Austria information on funding
Official Austrian help service
Innovation, research, transport and technology
Source: European Commission
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