“The government is seeking to generate new activity in startup businesses and reduce unnecessary temporary layoffs,” Norway’s Minister of Trade and Industry, Iselin Nybø, said in a press release.
The grant offers small and medium businesses a chance to apply for funding through Innovation Norway, the state-owned body with the aim of supporting and promoting Norway’s startup, technology and trade sectors.
“The programme aims to ensure the execution of projects in a development phase, despite a downturn in results and issues regarding liquidity,” Nybø said.
The government will also support jobs in the event, travel and services sector with an additional one billion kroner, 100 million euro. This funding will also be managed by Innovation Norway.
“We believe it’s important to support the necessary restructuring of businesses and ensure that the sectors most hard-hit by the pandemic are given a chance to develop their activities,” said CEO of Innovation Norway, Håkon Haugli, in a press release.
The two programmes are part of the government’s larger strategy to support Norway’s economy through the Covid-19 crisis with a total of 16.3 billion kroner. Parliament is scheduled to process the proposition on February 23rd, writes Innovation Norway.