"Innovation policy is economic and growth policy and will help Hamburg's economy to recover from the coronavirus-induced crisis," said Michael Westhagemann Senator for Economics. Regions can remain competitive and become flourishing societies only through innovations. "That's why we are now triggering an innovation booster," he added. Increasing the IFB Innovation Fund is part of the mix. The senate's innovation funding is based on the new Regional Innovation Strategy (RIS), which involves "Working together for a Liveable City through Innovation". The strategy focuses in particular on health, climate and energy, mobility, data science and digitalisation, material sciences and new materials.
More and extended aid for relaunching businesses in Hamburg
The senate agreed Thursday (November 30, 2021) to keep Hamburg’s Corona Protective Shield in place as the pandemic worsens. Dr Andreas Dressel, Senator for Finance, told reporters: "We are making a clear promise to companies hit by the pandemic. Our protective shield will remain in place for as long as necessary.” The essential bridging aid and restart aid will be extended until the end of Q1 in 2022, and in some cases until late 2022. The senate has also earmarked EUR 46.5 million to boost innovations in 2021/22 and to reboot commerce in Hamburg.
Staying competitive with innovations
Topping up funds for city and centres
Sales in stationary retail and the catering sector have plunged and the pandemic has forced some business to close entirely. Hamburg's New Start Fund City & Centres (HmbNFCZ), in place since June 2021, provides financial support to communities in downtown Hamburg and its suburbs. The funds have facilitated events and activities to make those places more attractive. The New Start Fund is to be increased by EUR 500,000 from EUR 1.1 million for 2021/22. More than EUR 610,000 for marketing campaigns, opening ceremonies and lighting have already been approved based on 34 applications.
Dressel remarked: "The IFB development bank is ready to pay out the bridging aid and new start-up aid, which has been extended until the end of Q1 in 2022, as quickly as possible to all those who still need help or need it again." Supplementary state aid for rents, fees and loans will remain in place and will be extended depending on needs. "The attractive digital bonus and the Corona Recovery Fund, which is in particularly high demand, can help and accelerate the way out of the crisis, which is now in overtime. Hamburg is financially equipped to cope with the economic repercussions of the latest coronavirus wave," he stressed.
Almost EUR 10 billion in aid granted
Since the pandemic broke out, Hamburg has granted almost EUR 10 billion in aid including tax relief to prevent acute liquidity bottlenecks and insolvencies. Applications can be submitted to the respective district authorities or their economic development agencies for approval. The Ministry of Finance and the Ministry of Economics continue to manage the New Start Fund. The Ministry for Urban Development and Housing remains involved to ensure the City Centre Concept 2020 is executed properly.
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Sources and further information
IFB Hamburg
The Hamburgische Investitions- und Förderbank (IFB Hamburg) supports housing and economic development as well as environmental protection and innovation projects. IFB Hamburg is the main point of contact for private individuals, companies and institutions in Hamburg and advises about all of the city's funding offers and those of the German government and the European Union. More information can be found on: www.ifbhh.de