Innovation Credit: Following your application

Assessment and decision

Is your application complete? Then we will get to know each other during an intake interview. During this interview, you will have the opportunity to briefly explain your plans, and we will ask questions. Based on this information, we will assess whether your project fits in with the objectives and criteria of the Innovation Credit. If your project appears to fit in the scheme, we will ask you to further develop your application. You will receive a letter from the Netherlands Enterprise Agency with the final decision regarding your application 8-16 weeks after submitting your complete application. Read more about the application process.

Obligations and conditions after granting

Has your application for Innovation Credit been approved? You will also receive the document below, which provides an overview of all obligations and conditions associated with the Innovation Credit, if your application is approved. In the document, you will also find:

• The pledge agreement;
• The description of assets; and
• The guarantee of financial obligations.

The Netherlands Enterprise Agency fills in the forms and sends them to you for signature after approval. You fill in the assets descriptions and send them to us.

Progress

The project budget has been split up into reporting periods. You will create a progress report after each agreed-upon reporting period. Using the 'Progress Report Innovation Credit Model', you will inform us of the progress of your project. In these reports, you also demonstrate how the milestones have been met. The form is in Dutch. You can complete the form in English. 

Determination

After the project is completed, we will sit down with you to review whether the set targets have been achieved. If we conclude that the set targets have been achieved, you will be required to submit a determination report within 13 weeks. The Netherlands Enterprise Agency will use this to determine the subsidy amount in a definitive manner. In the determination report, you will supply an audit report provided by the accountant, together with a description of the pledged assets. If you are unable to provide the audit report, the Netherlands Enterprise Agency will deduct at least 10% from the grant amount to be determined. Please read more about the audit report on this Dutch page.

• Determination report credits model ('Model vaststellingsverslag kredieten', please see below)
• Description of Innovation Credit assets ('Beschrijving van activa Innovatiekrediet', please see below)

Once you have collected all the required documents, you will request a determination of your project. The form is in Dutch.

Request determination

Credit repayment

Once the project is completed, you will have to repay the loaned credit amount plus a remuneration. This remuneration consists of a fixed surcharge and accrued interest. The conditions of the Innovation Credit include all information about the remuneration structure. Please note: you may not repay other loans, repurchase shares, or distribute dividends until the Innovation Credit has been fully repaid.

Repayment schedule

The Netherlands Enterprise Agency determines the repayment schedule, based on the supplied forecasts. The money that you repay will then be supplied to other companies with innovative plans. This makes the Innovation Credit a revolving fund. 

You will receive the repayment schedule when the Innovation Credit is granted. In principle, repayment begins after completion of the project. If you are unable to repay according to the schedule you may request that we adjust it. You may always make early repayments. This is beneficial for you, as the interest and the pledge continue to apply during the repayment period.

Remission in the event of setbacks

Has your project (partly) failed for technical reasons, or have the market prospects for your innovation (partly) disappeared? Then you may request the Netherlands Enterprise Agency to grant (partial) remission of the repayment of the Innovation Credit. The Netherlands Enterprise Agency may grant this remission on a temporary or permanent basis, depending on the circumstances.

Adjusting the project plan or budget

We understand that you may encounter unforeseen circumstances in the performance of your project. The Innovation Credit offers flexibility in addressing unforeseen circumstances. Based on the report, you can decide to adjust the project plan/and or the budget. 

In the event of significant changes with profound consequences for the project's chances of success and outlook, we can temporarily halt progress. After approval of the modified plans, we will implement the decision and resume payment of the advances. 

We will automatically start the advance payments for the next period after approval of the progress report. We will supply the advances in line with the approved project budget.

Request an increase

What if the project costs are higher than expected, or you need to adjust your objectives based on new insights during the project? Then you can submit a request for a loan increase. We will assess your request based on the same conditions and criteria as the original Innovation Credit loan. The request will also have to be reassessed by the external advisory committee. The application form for the increase is in Dutch.

• Request for an increase