The Erfurt Chamber of Commerce and Industry has announced the introduction of a new support instrument for companies facing financial difficulties. A special fund will subsidize the creation of professional restructuring plans, opening the way for smaller entities to obtain funds from the Thuringian Consolidation Fund. The initiative is a response to rising operating costs and weakened demand, which threaten the financial liquidity of local firms.
Subsidies for advisory services
The new IHK Erfurt program offers direct financial support to cover the costs of creating restructuring plans by external consulting firms.
Access to state fund
Professional plans are intended to facilitate companies' applications for funds from the Thuringian Consolidation Fund, thereby increasing their financial liquidity.
Fighting bankruptcies
The initiative aims to reduce the number of insolvencies resulting from high costs and poor market conditions in the region.
In the face of deteriorating economic conditions, the Erfurt Chamber of Commerce and Industry (IHK) has taken decisive steps to protect local businesses from a wave of bankruptcies. The new support program focuses on financing professional restructuring plans, which are a necessary element for applying for public aid. Many companies, burdened by high energy costs and a decline in orders, lack sufficient funds to hire experts to prepare restructuring documentation. IHK Erfurt intends to fill this gap by offering direct subsidies for advisory services. German Chambers of Commerce and Industry (IHK), whose history dates back to the 19th century, play a key role in economic self-government, combining representational functions with advice for millions of entrepreneurs in Germany.The main goal of the initiative is to facilitate access to the Thuringian Consolidation Fund. Without a solidly developed recovery strategy, these entities often faced rejection of support at the state level. Chamber representatives emphasize that preventing avoidable insolvencies is a priority for the stability of the regional labor market. The current geopolitical and inflationary situation forces business organizations to take a more proactive approach to protecting domestic industry. IHK Erfurt — initiates a rescue fund for companies The introduced instrument has been met with a positive reception from economic experts, who point to restructuring as the most effective path to long-term survival. Furthermore, the program aims to reduce bureaucratic barriers that have previously discouraged small and medium-sized entrepreneurs from attempting formal restructuring. Documentation prepared with the chamber's support is to meet the highest standards required by banking institutions and state supervisory bodies. Similar support mechanisms were implemented in Germany during the 2008 financial crisis, allowing many medium-sized enterprises (Mittelstand) to maintain operational continuity.„The goal is to prevent insolvencies that can be avoided through early intervention.” — IHK Erfurt