BRUSSELS -(Dow Jones)- The European Commission Monday cleared the Austrian government to give companies facing funding problems up to EUR500,000 in 2009 or 2010.

This plan, which has a budget of EUR300 million, aims to help companies cope with tight credit conditions. This aid will be available only to businesses that weren’t facing problems on July 1, 2008, the commission said in a statement.

The funding can be given at any time during 2009 and 2010 but must not exceed EUR500,000 per company.

The commission in recent weeks has cleared a raft of national measures allowing government aid to struggling companies. Under normal circumstances, European Union rules restrict most state subsidies to businesses.

-By Adam Cohen, Dow Jones Newswires; +322 741 1486; adam.cohen@dowjones.com

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(END) Dow Jones Newswires

March 23, 2009 07:00 ET (11:00 GMT)