We recommend our customers to proceed as follows:
- Contact your bank as early as possible.
- Finnvera and banks are taking a flexible approach towards payment arrangements and such arrangements should be made with the bank as early as possible.
- Finnvera provides the guarantee to facilitate the working capital granted by the bank.
A fee is charged for Finnvera's guarantee and it is not a direct subsidy. With fees Finnvera covers its share of future credit losses caused by guarantees. Guarantees up to EUR 1 million are mainly issued without collateral. The price is affected, for example, by the risk category based on the customer company's financial statements and credit period. Pricing must also take into account EU and state aid rules. Finnvera cannot compete with banks for the price of financing.
Finnvera’s Start Guarantee, SME Guarantee and Finnvera Guarantee can be used for working capital needs caused by the coronavirus. In the exceptional situation caused by the coronavirus we ensure the handling and focus our granting of financing to these guarantees. In consequense, we do not handle direct loan applications at the moment.
The Start Guarantee is directed at companies which have been operating for a maximum of three years. The bank applies the guarantee from Finnvera on behalf of your enterprise. Finnvera's guarantee coverage can be up to 80%.
The SME Guarantee is directed at companies which have been in operation for more than three years. It can be used to cover a loan of maximum EUR 150,000. The bank applies also this guarantee on behalf of your enterprise.
The Finnvera Guarantee can also be used for the increased working capital needs due to the coronavirus in cases where Finnvera’s Start Guarantee or SME Guarantee is not suitable in the company’s situation for example due to the amount of loan needed. Finnvera’s guarantee coverage has been raised to 80% and no collateral is required. Finnvera has put into operation a hastened and a simplified procedure to deal with applications and to validate guarantees (so called fast track procedure) for a EUR 150,000-1,000,000 corporate debt bond granted by a bank.
The company must negotiate about the loan first with bank and only after that apply for the Finnvera Guarantee from Finnvera.
Please note: To avoid congestion in processing the applications, at the moment we cannot process Finnvera Guarantee applications that are not based on loan negotiated with bank.
Read more about the Start Guarantee and the Start Guarantee:
Read more about the Finnvera Guarantee's use for working capital needs:
Finnvera cannot provide financing for building developer's business or arable farming and livestock within farming and forestry. In addition we cannot finance financial activities, gambling or adult entertainment or societies and companies that do not fulfill the criteria of business activities and that do not seek business profit.
- Contact your bank. The bank submits all applications regarding guarantees directly to Finnvera on your behalf.
- Finnvera grants the bank the permission to grant a 6 months instalment-free period to the loans Finnvera has guaranteed. Finnvera does not increase the guarantee commission of the guarantee granted to a loan when the amount of guarantee is EUR 300,000 or less.
- Guarantees to loans amounting over EUR 300,000 and other guarantees: bank applies change from Finnvera after discussion with the customer. The change is charged on a case-by-case basis.
- If you have a loan granted by Finnvera directly, you can apply for a twelve-month instalment-free period using an electronic application in our Online Services.
- You will only pay the interest and expenses during the instalment-free period.
- We only charge a EUR 50 service fee for the change if your total liability for Finnvera is EUR 300,000 or less.
- If the total liability is more than EUR 300,000 the change is charged on a case-by-case basis. If you have applied for state subsidy from other sources, legislation may require an increase of the price.
We strive to process the applications as quickly as possible, but please note that the service may be subject to high loads.
We wish that you use our Online Services at online.finnvera.fi. We encourage our customers to prepare realistic estimates of the revenue and expenses and to contact their bank in time if they need additional financing.
We want to take care of the safety of our customers, stakeholders and personnel and have therefore increased remote working at Finnvera.
Our customer service serves as usual in chat and by phone at the following numbers:
Financing applications can be made using our Online Services.
The Start Guarantee and the SME Guarantee are applied for through the bank. Companies should contact the bank directly; the bank will send the application to Finnvera.
Finnvera can also guarantee financing for large corporates in the situation caused by the corona virus:
- Contact your financiers
- The maximum guarantee can be 80% and the total liability EUR 30 million at the most. However, Finnvera cannot become the main financier
- We handle the large projects case-specificly
The Government has agreed on a comprehensive package to ease the economic pressure on businesses. The Ministry of Economic Affairs and Employment, together with other organisations in the MEAE Group, monitors the effects of the coronavirus on business activities, employment and security of supply, and takes the necessary measures to alleviate the negative impacts.