Possibility to grant loans to large companies under the Pan-European Guarantee Fund will continue until the end of June 2022
Finnvera's possibility to grant loans to large companies under the European Investment Bank's (EIB) Pan-European Guarantee Fund (EGF) programme will continue until the end of June 2022. The guarantee programme was originally intended to be in force until the end of 2021. Finnvera joined the Pan-European Guarantee Fund (EGF) programme in April 2021. The programme enables Finnvera to grant a total of EUR 650 million of working capital and investment loans, mainly for the financing needs of large enterprises. This funding will have a 75% EIB guarantee.
The Pan-European Guarantee Fund (EGF) is made up of EUR 25 billion in guarantees. The Fund was established in spring 2020 on the initiative of the EIB Group, which is also responsible for its management.
“The extension of the guarantee programme further expands Finnvera's opportunities to fulfil its role as a complementary provider of financing on the financial markets and also enable large enterprises to benefit from the Pan-European Guarantee Fund”, says Jussi Haarasilta, Finnvera’s Executive Vice President.
The Guarantee Fund is intended for large and medium-sized enterprises which exceed the limits of the EU’s SME definition by having a staff headcount of 250 or more, an annual turnover of over EUR 50 million, and a balance sheet total in excess of EUR 43 million.
The loans under the guarantee programme will be provided directly by Finnvera. An individual loan amount may not exceed EUR 100 million, and the credit period is at maximum six years. The more detailed terms and conditions of the financing will be agreed upon individually for each project. In principle, the same terms and conditions will apply as to the company’s other financing.
Jussi Haarasilta, Executive Vice President, Large Corporates, Finnvera, tel. +358 29 460 2601
Also read the previous news on the subject: European guarantee will enable Finnvera to grant EUR 650 million of loans to Finnish companies