Thuringia plans to stimulate its economy by offering favorable loan opportunities - Expanding Thuringia's economy through affordable credit options
In a bid to stimulate the local economy, Thuringia's Minister of Economics, Colette Boos-John, has unveiled a new program called "ThuringiaCredit" in Erfurt on Wednesday. This initiative is part of an "absolute growth offensive" for Thuringia's economy, aimed at providing loans for businesses and individuals acquiring business shares, with a maximum loan amount of five million euros.
The program, designed to help stimulate the local economy, also provides funds for business succession. The loans offered under the "ThuringiaCredit" program will have favorable interest rates, a significant move to address the issue of high interest rates identified as a hindrance to investments in Thuringia's economy.
Almost half of the companies surveyed by the state promotional bank KfW have expressed that loans have become increasingly unattractive due to higher interest rates. The loans can also be used for ongoing operating expenses, particularly in difficult times.
The ThuringiaCredit program is not a new concept in German federal states. Economic promotion programs typically involve providing Small and Medium-sized Enterprises (SMEs) access to loans with favorable terms supported or subsidized by the state government. These programs aim to boost local businesses, innovation, and employment by offering credit at lower interest rates or with extended repayment periods than market loans.
The "ThuringiaCredit" program is financed through the Thuringian Development Bank (TAB). The loans must be applied for at the respective house bank. It is important to note that the program is part of a series of other existing programs available to companies and start-ups from state and EU funds.
In April, a new Small and Medium-sized Enterprises fund was presented, through which the state provides financial injections to growth-oriented companies. The "ThuringiaCredit" program is another step in this direction, demonstrating the government's commitment to supporting local businesses and fostering economic growth.
For the most current and detailed information about the "ThuringiaCredit" program, it is recommended to consult official Thuringian economic development or finance ministry websites. They usually outline the scope, eligibility, loan conditions, and objectives of such credit programs designed to stimulate the local economy by easing access to finance.
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