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Finnvera and the European Investment Fund signed an agreement on EUR 190 million financing for Finnish companies

Ministry of Economic Affairs and Employment
Publication date 3.9.2019 10.23
Press release
Katri Kulmuni, Maria Leander and Juuso Heinilä

Finnvera and the European Investment Fund (EIF) have signed a guarantee agreement that provides growth-driven Finnish companies access to new loans to the sum of EUR 190 million over the next two years.

Following the signing of this agreement, Finnvera will introduce a new guarantee product for SMEs. The guarantee is intended to facilitate SMEs’ access to loans for various purposes, such as investments, working capital, and product development. The EIF will provide a counter-guarantee to cover 50 per cent of the guarantees given by Finnvera to SMEs. It is estimated that at least 2,000 Finnish enterprises will benefit from the financing made available by the agreement.

This financing is made possible thanks to the Guarantee that has been provided by COSME and the European Fund for Strategic Investment (EFSI) set up under the Investment Plan for Europe, or Juncker Plan. COSME, or the programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises, is designed to improve access to finance for SMEs.

The new guarantee will help growth-driven SMEs with little or no collateral 

The SME Guarantee Facility is an 80 per cent guarantee for SME bank loans of no more than EUR 150,000, with no collateral required. This facility is intended to cater to the needs of growth-driven, profitable SMEs that have been in operation for more than three years.   The 80-per cent guarantee given by Finnvera is significant for companies in the service industry, trade or IT sector that are unable to offer adequate valuable security for banks. In addition, Finnvera does not require a self-financing share from the companies applying for the SME Guarantee. 

“As stated in the Government Programme, our objective is to support the provision of a more diverse range of financing alternatives to start-ups and SMEs. The agreement between Finnvera and the European Investment Fund is particularly important for regional growth-driven enterprises that lack adequate valuable security,” emphasises Katri Kulmuni, Minister of Economic Affairs.  

“The EFSI financing for Finland approved by the European Investment Bank Group amounts to more than EUR 2 billion.  Relative to our population, this is the largest sum of all EU countries. Relative to our gross domestic product, we are in eighth place, which can be considered a good achievement,” Minister Kulmuni adds.

“Growth often requires financing, and one of our key objectives is to enable the growth of Finnish SMEs. The agreement with the European Investment Fund provides growth-seeking SMEs better opportunities of getting a bank loan. Applying for our new SME guarantee is very easy: the lending bank applies for the guarantee from Finnvera, on behalf of the company,” explains Juuso Heinilä, Executive Vice President at Finnvera. 

Link to the press release of Finnvera and the European Investment Fund.


Kari Villikka, Vice President, Finnvera, tel. +358 29 460 2653
Kari Jääskeläinen, Special Adviser to the Minister of Economic Affairs, Ministry of Economic Affairs and Employment, tel. +358 44 058 1030
Jyrki Orpana, Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 50 409 4457


Finnvera provides financing for the start, growth and internationalisation of enterprises and guarantees against risks arising from exports.   Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, domestic guarantees and export credit guarantees. The risks involved in financing are shared between Finnvera and other providers of financing. Read more about Finnvera at https://www.finnvera.fi/eng/


The European Investment Fund (EIF) is part of the EIB Group. One of its key tasks is to support micro, small and medium-sized enterprises across Europe by providing them access to finance. The EIF develops and offers risk and growth capital, guarantees and micro-financing instruments targeted at this specific market segment. By doing so, the EIF fosters EU objectives, notably in the field of entrepreneurship, growth, innovation, research and development, and employment. Read more about the European Investment Fund at https://www.eif.org/

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