![\"\"](\"https:\/\/nordguide.fi\/wp-content\/uploads\/2021\/12\/Taimi-1.png\")
<\/figure>\n","protected":false},"excerpt":{"rendered":"The government financial institution Finnvera has started offering a pilot, or test-phase, new loan aimed to the growth needs of microenterprises with fewer than ten employees. In the first three months, Finnvera has received around 400 applications. Of the positive loan decisions, two-thirds have been directed to the smallest companies, those employing 1\u20132 people.<\/p>\n\n\n\n
The loan can be granted to a microenterprise, when the funding need is focused on financing investments or development actions that improve the company\u2019s operations and competitiveness, and which deviate from the company\u2019s regular activities. The loan is intended for companies with fewer than 10 employees and an annual turnover or balance sheet total of no more than 2 million euros. The company must have completed at least one financial year, and an financial statement from that year must be available.<\/p>\n\n\n\n
The loan is intended for financing needs that promote the growth, productivity, or competitiveness of microenterprises, such as hiring employees, expanding operations, or digitalization. The loan amount can range from 20,000 to 50,000 euros.<\/p>\n\n\n\n
The average granted loan is currently 44,800 euros. Most loans have been granted to companies in the food service, software, and retail sectors, but companies from other industries can also apply for the loan. The loans have been applied for employee recruitment, business expansion investments related to this, and even internationalization plans. The loan has been used for purposes such as opening new locations, expanding existing ones, hiring staff for growth, making investments, and software product development.<\/p>\n\n\n\n
To receive the loan, its conditions must be met. At this stage, about half of the loan applications from microenterprises received by Finnvera have met the loan\u2019s requirements. The most common reasons for a negative loan decision are failure to meet the criteria listed in the application guidelines, such as negative equity, payment defaults by the company or by the entrepreneur, or the company being newly established without an audited financial statement.<\/p>\n\n\n\n
The loan can be applied for until the end of March 2025.<\/p>\n\n\n\n
NordGuide is happy to assist small businesses with their financial matters. Could this new microenterprise loan from Finnvera be the solution to your financing needs?<\/p>\n\n\n\n