Terms & Criteria
Is your idea eligible to receive an ELF Pre-seed loan? Make sure and read the Terms & Criteria below.
If a loan is granted, the following terms will apply:
- the loan will be issued in tranches, each tranche will be a multiple of €7.500 and is triggered by achieving pre-agreed milestones;
- each loan tranche will consist of a separate loan agreement; the loan tranches will be issued in the course of no more than one year;
- the loan will be subordinated (‘achtergesteld’);
- the principal amount and interest due will have to be repaid within 18 months or 36 months after the tranche is granted;
- interest on each loan tranche of €7.500 will be €150 (2%, 1,33%/year) if the amount owed is repaid within 18 months and €500 (6,67%, 2,22%/year) if one chooses to extend the loan to 36 months;
- and further relevant and reasonable conditions set by the fund committee.
In order to be eligible to receive an ELF Pre-seed loan the following criteria must be met:
- The company is no more than three years old;
- The business has potential for societal and economic impact;
- The business has a potential benefit to the Leiden regional economic infrastructure, and;
- If (a) founder is a student, she/he must have completed her/his bachelor’s degree.