Austria Wirtschaftsservice Gesellschaft
Encyclopedia
The Austria Wirtschaftsservice Gesellschaft (aws) is an Austrian federal development and financing bank for the promotion and financing of companies. The bank provides around € 1 billion (2008) in development aid, mainly as grants, loans and guarantees to finance projects in the value of almost € 11 billion (2008). aws is focused on four different areas: Technology and innovation, equity and capital markets, promotion and financing as well as services for research and development management. In addition to these core activities it also administers the Austrian federal economic stimulus package of around € 1 billion in 2009 and 2010.
to provide credit for economic development and innovation support. In 1969 the Finanzierungsgarantie Gesellschaft mbH was created in order to reduce the risk for project financing. The fourth organization, the Innovationsagentur, was founded in 1984 to support technology transfer.
European Investment Bank
, European Investment Fund
, IFC
and World Bank
. It is member of AECM (European Mutual Guarantee Association), EDFI (European Development Finance Institutions) and NEFI (Network of European Financial Institutions for SME).
History
The origins of this bank go back to four different public entities that merged in 2002 into aws: The BÜRGES Förderungsbank was founded in 1954 as a special bank for the support of small and mid-sized companies. In 1962, the ERP-Fonds (European Recovery Program) was set up based on the funds of the Marshall PlanMarshall Plan
The Marshall Plan was the large-scale American program to aid Europe where the United States gave monetary support to help rebuild European economies after the end of World War II in order to combat the spread of Soviet communism. The plan was in operation for four years beginning in April 1948...
to provide credit for economic development and innovation support. In 1969 the Finanzierungsgarantie Gesellschaft mbH was created in order to reduce the risk for project financing. The fourth organization, the Innovationsagentur, was founded in 1984 to support technology transfer.
Programs and Services
Austria Wirtschaftservice supports companies in Austria with grants, loans, guarantees and consulting services in the following areas:- Promotion schemes for start-up companies.
- Support programs for the growth of established companies, with focus on regional growth, strengthening of competitiveness and job creation.
- Special financing schemes for innovation and technology commercialization, particularly in the high-tech fields IT and communication, life sciences (Life Science Austria - LISA) and physical sciences as well as the creative industries (impulse):
- PreSeed: Financing of preseed projects of up to €200,000 per project (Life Science, IT, Physical Sciences).
- Seedfinancing: Financing of innovative start-ups of up to €1,000,000 per project (Life Science, IKT, Physical Sciences).
- impulse XS, impulse XL, impulse LEAD: Financing schemes for start-ups in the creative industries of up to €300,000 per project.
- Management auf Zeit (MAZ): Financing of external experts that temporarily provide start-ups with their know-how in finance, marketing or technology.
- Competitions and awards: Complementary to these financing schemes, innovation stimulating competitions such as "Jugend Innovativ" and the international life science business plan competition Best of BiotechBest of BiotechBest of Biotech is an international business plan competition with focus on life sciences, i.e. Biotechnology, Medical technology and related fields. The competition is organized every 1–2 years by LISA , a program run by Austria Wirtschaftsservice, the Austrian federal development and financing...
are organized.
International Cooperation
The aws cooperates closely with international financing institutions such as EBRD,European Investment Bank
European Investment Bank
The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...
, European Investment Fund
European Investment Fund
The European Investment Fund, established in 1994, is a European Union agency for the provision of finance to SMEs headquartered in Luxembourg....
, IFC
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
and World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
. It is member of AECM (European Mutual Guarantee Association), EDFI (European Development Finance Institutions) and NEFI (Network of European Financial Institutions for SME).