Anything else about bank loans?
Yes, don’t forget about the Finnvera Start Guarantee. The Start Guarantee is intended for newly launched enterprises that are owned by private individuals and meet the SME definition applied by the EU. Another criterion is that no more than three years has passed since their entry into the Trade Register. Start Guarantee can be granted for Finnish companies or registered private entrepreneurs but not for cooperatives.
How do you apply? Your bank files an application on your behalf. You or your company don’t need to be in direct contact with Finnvera.
How much does it cover? Finnvera’s guarantee coverage can be at most 80%. In short, if you aren’t able to pay back your bank loan, with the Finnvera Start Guarantee they will pay back up to 80% of your loan for you. This means you’ll have to pay back only 20% of your loan plus any gathered interest. To learn more, click here.
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