In a bid to help startups afloat during the current economic slowdown due to coronavirus (COVID-19) outbreak, the French government has announced a relief program worth $4.3 billion. The aim is to support a startup ecosystem struggling to survive the COVID-19 pandemic.
The relief program has been initiated by France’s Ministry of State for Digital Affairs Cédric O and public investment bank Bpifrance.
Several startups are not yet making revenues, and to keep them running, the program will facilitate short-term refinancing. It will also offer certain guarantees for lost cash flow. The government is still working out the criteria for which companies will qualify.