Advice and tips for entrepreneurs

– Review the loan terms and application process carefully, and remember that if you have any questions, you can contact us. We can discuss the eligibility for the loan together, assist with the application, and help with various calculations, emphasises business advisor Kenneth Dalkvist, and continues:

– It is also important to note that the loan can only be applied for until the end of March, and it is not yet known whether this loan type will be continued.

Loan terms

• Loan amount: EUR 20,000–50,000
• Application period: 1.10.2024–31.3.2025
• Loan period: Up to 5 years
• Guarantee from the company’s main shareholders: Guarantees must cover 20% of the loan
• Interest: Six-month Euribor (approximately 3.1%) + 4.5% margin
• Processing fee: 1.5% when the loan is withdrawn
• Restrictions: No other Finnvera financing can be granted simultaneously

Application process

• The loan is applied for through Finnvera’s online service.
• The application must include an Impact of Financing form, a 3-year profit forecast, interim accounts for the current financial year, a business plan, and financial statements.
• Finnvera will contact the applicant within about a week of receiving the application and conduct a business review.
• The decision will be sent to the company via the online service or by mail. After a positive decision, the loan will be deposited into the company’s account.

Granting criteria

• The most recently adopted financial statements may not show negative equity.
• The financial statements may not date back to more than18 months and must be reported to the Finnish Patent and Registration Office (PRH) in the case of a limited liability company.
• The company or its owners must not have payment defaults.
• The company must have at least one completed financial year.
• The company’s risk rating according to Suomen Asiakastieto’s Rating Alfa must be at least A.
• The company is assessed to have sufficient repayment capacity and prerequisites for continuous profitable business.