Access to finance
27 October 2009by Ina Dimireva -- last modified 28 October 2009
An overview of the sources of finance available to SMEs in Finland.
Resources
Finnvera is a special financing company owned by the state of Finland, which develops domestic functions of Finnish companies and promotes exporting and the internationalisation of companies through various financing means. Finnvera's financial services include loans, guarantees, and export guarantees. Finnvera's objective is to offer financing solutions suitable for the various stages in the development of companies. Finnvera is Finland's official export guarantee board.
The Finnish National Fund for Research and Development Sitra is an independent public fund promoting the well-being of society under the supervision of the Parliament. Sitra's tasks are laid down by law. It focuses on programmes which influence Finnish competitiveness and economic growth. The programme areas are public health care, foodstuffs and nutrition, energy, development of a network-like operations model, and India. Among the means of programme implementation are studies, strategy processes, experimental projects, business development and enterprise funding.
The Ministry of Employment and the Economy's website has information about loans, guarantees, and exporting financing.
Financing (Ministry of Employment and the Economy)
Finnish Industry Investment Ltd is a state-owned capital investment company, which applies capital investments to promote Finnish business activities, employment, and economic growth. This company invests funds accumulated from the selling of state property to promote the growth of Finnish entrepreneurship and international ventures.
Finnish Industry Investment Ltd
The Finnish Funding Agency for Technology and Innovation (Tekes) finances and initiates challenging research and development projects carried out by businesses and public research units. Annually, Tekes has some 500 million euros at its disposal, to be used as financial support and loans for development projects involving technology and innovation.
Finnish Funding Agency for Technology and Innovation (Tekes)
Personalised help and advice
Further information on public financing services for private businesses is available on the EnterpriseFinland website.
Financing services (EnterpriseFinland) [FI]
Start-up financing(EnterpriseFinland) [FI]
Employment and Economic Development Centres (T&E Centres) are regional centres offering advisory, development and financing services related to labour force and matters relating to livelihood. T&E Centres provide SMEs with support and advice in the various stages of their lifespan, promote the technical development of enterprises, and assist enterprises in matters related to exporting and going international. T&E Centres also function as significant experts in and granters of EU funding. These organisations also provide information on environmental support.
The Federation of Finnish Financial Services is an organisation representing banks, insurance companies, financing companies and employers in the financing sector operating in Finland.
The Finnish Venture Capital Association's purpose is to develop the capital investment sector and promote the interests of the Association's membership in Finland. The Association promotes the preconditions for capital investment by looking after the common interests and ethics of the sector, by promoting contacts between capital investors and entrepreneurs and organising research and development. The Association attends to dissemination of information specific to its activities and maintains contacts abroad. In addition, the Association formulates recommendations and action models for the sector it represents.
Finnish Venture Capital Association
The Enterprise Europe Network provides businesses with information and advice through its local partners.
Enterprise Europe Network – contact points – Finland
Business support organisations can advise businesses on how to find financing.
Source: European Commission
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