YRITTÄJÄ, tule mukaan omiesi pariin! Liity Yrittäjiin.
Under one month left to apply for micro-business loan
The number of growth-oriented small businesses in Finland has been declining in recent years.
Access to finance is one requirement for SMEs’ growth. At the same time, access to finance has been becoming harder for years. This much is clear from sources such as the SME barometer, published in February.
Mauri Kotamäki, Chief Economist at Finnvera, says that it is more difficult for micro-businesses with fewer than ten employees, in particular, to finance their projects, but that the same trend is seen across all SMEs.
“Getting finance is the lifeblood of business. Without a functioning finance market, businesses do not grow. This is particularly concerning in the case of micro-businesses, which often have limited resources and options,” Kotamäki writes in an article on the Finnvera website.
“In the same breath, it must be said that not all businesses should receive finance. Good projects deserve finance, bad projects do not. The problem is it’s sometimes hard to say in advance which project is a lemon and which one isn’t,” Kotamäki says.
Under a month to apply for growth loan
Finnvera launched the pilot loan aimed at micro-businesses employing fewer than ten people last October. Applications for the pilot loan are open until the end of March 2025.
“The role of Finnvera is particularly important in situations where the markets are unable to provide sufficient finance. Our role is to complement shortcomings in the market and ensure that unnecessary bottlenecks do not occur,” Kotamäki says.
By the end of January, Finnvera had received over 500 applications for the micro-business growth loan. As of the end of January, Finnvera had issued loans worth €7.2 million.
Micro-business growth loan
The loan is intended for finance needs to promote micro-businesses’ growth, productivity or competitiveness, such as hiring, expanding operations or digitalization.
Between €20,000 and €50,000 may be borrowed.
Loan applications are open until 31 Mar. 2025.
Are you a Suomen Yrittäjät member yet? Read more about member benefits and advantages!
