Finnvera's online service provides a secure and easy way for submitting financing applications. Log in to the service using your personal banking ID or your Katso ID.
You can apply for financing already before you have set up your company. However, you can only access a loan granted by Finnvera when your company is in existence and has a business identity code.
Before making its financing decision, Finnvera examines whether the company is able to engage in profitable business and put its plan into effect.
Finnvera assesses the company's aims, finances, development plans, outlook and competitive position. The adequacy of the overall funding and self-financing arrangements is also examined. The entrepreneur must also have good financial standing.
Opinions of start-up centres and regional business services or a bank's assessment
Finnvera cooperates with regional business services and start-up centres in the financing of newly established companies. They may give an opinion on the financial feasibility of the company's project, which Finnvera will use as a basis for its decision. The opinion helps to speed up the processing of the financing application in Finnvera. The opinion may also be used by TE Offices in the processing of startup grants.
If the company applies for Finnvera's part-guarantee for its bank loan, Finnvera will base its decision on the bank's assessment of the company's prospects.
Even though our funding decisions are based on an assessment of the companies' prospects, collateral also plays a role. The need for collateral is examined on a case-by-case basis.
Finnvera primarily requires that the principal shareholders in a limited liability company make an investment in the company's equity. If this is not possible a personal guarantee will be required. The size of the investment or guarantee should be 25 % of the liability yet at least 3 000 e and at most 20 000 e. Sole proprietors and general partners in general partnerships and limited partnerships are also otherwise personally liable for the loans of their enterprises.
Business mortgages or real property mortgages are often used as collateral in projects requiring more substantial financing. However, Finnvera does not use the apartment owned and used by the entrepreneur as collateral.
The following information on the company, the entrepreneur and the project is required for online applications:
- basic details of the company, the entrepreneur and the owner
- project description
- overall project financing plan
The company's business and performance plans for the next three years must also be provided. This information can be provided on a separate attachment or it can be entered on the application's interleaves.
An active company must also submit the financial statements for the previous three financial years and, for the current financial year, the latest available figures. In company acquisitions, the financial statements of the company to be acquired for the previous three financial years and its articles of association or memorandum of association (if available) must also be attached to the application.
You may also enclose other attachments to the application that you consider important for its processing. If you are a small entrepreneur starting a business, you should also complete the section of the online application requesting an estimate of your personal income and expenditure.
After you have submitted your application on our online service, you will be provided with the name of our regional office that has received the document. For any questions about the application, contact Finnvera's phone service at +358 29 460 2582.
We will call you within a week after we have received your application. Decisions concerning small projects will be made in about two weeks. In projects with more substantial financing requirements we aim to make the decision within the time limits set by your customer's project.
If Finnvera accepts you application we will give you a loan offer. If you decide to accept the offer, contact the person whose name appears on the offer and make arrangements for signing the loan agreement.
After the agreement has been finalised, the loan will be paid to your company's account and the money is at your disposal.
If Finnvera rejects your application, you will receive a written notification giving the grounds for the rejection. If necessary, you can go through the decision in more detail with a Finnvera representative by telephone.
The most common reasons for rejecting a loan application:
- Finnvera is of the view that your company will not be able to engage in profitable business.
- Your company's financial situation is too challenging for an external provider of funding.
- Because of legal provisions, Finnvera is unable to provide financing for the sector in which your company operates.
- There is overcapacity and tough competition in the sector.
- Self-financing arrangements are insufficient.
- You have tax debts or are in default on your payments.
Despite a negative decision, Finnvera may still, on certain conditions, provide part-guarantees for a bank loan, which may be of crucial help in the getting of the loan. The bank granting the loan will apply for Finnvera's guarantees on your behalf or (in large projects) will provide you with advice on how to apply for guarantees directly from Finnvera.