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. Start Guarantee cannot be used for financing company acquisitions or purchases of business premises or cars. Moreover, it cannot be used for export financing.
We provide financing for enterprises operating in almost every sector; only farming, forestry and the building developer’s business remain outside our range of financing. The State aid rules of the EU (the Start Guarantee includes de minimis aid) restrict the use of Start Guarantees for financing the acquisition of transport vehicles and equipment when the enterprise engages in freight transport on behalf of third parties. Moreover, Start Guarantee cannot be used for financing companyacquisitions or purchases of business premises.
Finnvera’s guarantee coverage can be at most 80 %. However, the total sum of Start Guarantees granted to one enterprise may not exceed EUR 80,000. File a loan application at your bank, which will assess your enterprise’s operating potential and creditworthiness before granting the loan. The bank will submit an online application for a Start Guarantee to Finnvera on behalf of the enterprise. The guarantee commission is charged at a 3-month interval and it is 2.5% p.a. of the guarantee balance reported by the bank. The service fee is 1% of the guarantee amount; however, at the minimum EUR 100.
The agreement encompasses all branches of Aktia Bank plc, Danske Bank plc, Svenska Handelsbanken AB, Stadshypotek AB (publ), Branch Operation in Finland, Fennia Mutual Insurance Company, Nordea Bank Finland plc, Oma Säästöpankki Ltd, OP-Services Ltd, POP Bank Alliance, Savings Bank Association Central Cooperative and Optia Savings Bank.