SMEs can now apply for a guarantee by the European Investment Fund (EIF) for their euro-denominated loans. Nordea will contribute EUR 150 million in loans to the programme.
Nordea is participating as a funder in the SME Initiative Finland programme along with the Finnish state, the European Commission, the European Investment Bank and the European Investment Fund. The purpose of the SME initiative instrument is to offer a quick and effective solution for increasing access to financing, creating jobs and stimulating growth. The agreement on Nordea’s entry into the programme was signed on 26 April 2017.
“SME Initiative Finland is very well-suited for companies in the start-up and growth phase because it provides them with an alternative for collateral, enabling investments that would not otherwise be made. It is important for us to guarantee our customers access to all sources of financing and the initiative enables us to bolster economic growth in the all-important SME sector, where the majority of new jobs in Finland are currently created,” says Sampsa Laine, Nordea’s Head of Business Banking Finland.
The SME Initiative Finland guarantee product allows customers to obtain financing at a lower cost than normally. The programme delegates decision-making to the participating banks, thanks to which customers can obtain a loan decision quickly and directly from Nordea during the financing negotiation.
Better availability of financing can make SMEs more competitive
Managed by the EIF, the SME Initiative Finland guarantee programme aims to improve the competitiveness of Finnish SMEs by increasing the volume of available financing. The programme in Finland will provide EUR 400 million in financing, with Nordea contributing EUR 150 million of this amount.
SME Initiative Finland is intended for SMEs employing fewer than 250 people, as defined by the EU, excluding certain industries such as primary agriculture and investment financing for transport companies. In addition, public subsidies received over the past three years will influence the decision to grant a guarantee.
Nordea will provide guarantees for euro-denominated loans up to a maximum of EUR 10 million with a maturity of 2–12 years for the next two years, or as long as Nordea’s contribution of EUR 150 million is not fully used. The SME Initiative Finland guarantee product can be used to guarantee 50% of a loan, and borrowers can apply for a further guarantee from Finnvera (a maximum of 30%).
For further information:
Sampsa Laine, Head of Business Banking in Finland, tel. +358 40 555 9035
Satu Malkamäki, Chief Press Officer, tel. +358 50 448 1182
The loans benefit from support from the European Union pursuant to the SME Initiative, with funding by the European Union under the ERDF and Horizon 2020, by the Republic of Finland and by the European Investment Fund and the European Investment Bank.
Read EIF's press release
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