In September, Paperfoam finally opened its new factory in the Czech Republic. Like many other companies, Paperfoam was affected by the COVID-19 crisis, so it was uncertain whether the factory would be built at all. That makes this moment even more special. Paperfoam received support to help build the factory from the Netherlands Enterprise Agency via the DTIF fund.
In late 2019, the future was still looking bright for Paperfoam. The company makes bio-based and compostable packaging, and both production and sales were growing. Paperfoam needed more capacity for the European market. Thanks to a guarantee from the Dutch Trade and Investment Fund (DTIF), Paperfoam was able to start building a factory in the Czech Republic.
Loan from Rabobank
DTIF provides guarantee statements, loans and export financing to companies that want to do business abroad but are having trouble with financing. Zeger Beukers from Paperfoam says, “The guarantee was very important to us. Without it, we could not get the Rabobank loan, which we needed to finance the construction of the factory.”
When the COVID-19 pandemic began, it seemed as though the plans might be ruined. Would the construction of the new factory be able to continue? “Luckily, we had not signed any rental contracts or bought any equipment yet. The project was put on hold for a month.”
Slowly, production began to increase, and the prospects began to look promising again. “We see that, despite these difficult times, many companies want to invest in sustainability. And they choose us because we offer a unique product.”
In the end, the decision was easy: the construction of the factory could continue. This would not have been possible without the guarantee from the DTIF fund. Beukers also sees other benefits to working with the Netherlands Enterprise Agency, “The Netherlands Enterprise Agency has a lot of knowledge and a big network that you can use. That is very valuable.” For business owners who are considering using the fund, he has another piece of advice. “Make sure you have a detailed business plan. That makes it much easier to get other parties interested.”
Would you like to know more?
Are you interested in starting an international business, but you are facing difficulties in getting the financing you need? DTIF helps you achieve your international ambitions. The Netherlands Enterprise Agency uses DTIF to finance projects in various markets on behalf of the Ministry of Foreign Affairs. The Fund has 3 parts: Invest, Import and Export. Find out more about DTIF or other subsidies and programmes.
DTIF during the coronavirus crisis
You can still apply for DTIF. Please note that it may take us a little longer to decide on your application. As always, our team looks at the applications carefully.