Finnvera

Finnvera is a state-owned specialised financing company. It shares credit risk with banks so that a small or new company can borrow when collateral is thin. It is not Starttiraha and it is not a grant.

Alkutakaus (start-up guarantee) is the product often used by young SMEs with personal ownership. Finnvera can guarantee up to 80% of a bank promissory-note loan. One alkutakaus is at least 10,000 euros and at most 80,000 euros. You apply through your bank.

Principal shareholders must give a personal counter-guarantee covering 25% of Finnvera’s guarantee at the time it is granted. The minimum amount of that personal guarantee is 3,000 euros. Finnvera states that it does not use the entrepreneur’s permanent home as collateral.

The company must still service the loan. Finnvera and the bank assess the business plan and repayment ability. Finnvera charges a commission on the guarantee. Ask the bank for the current rate and for other products (for example Pk-takaus) if alkutakaus does not fit.

Practical advice

Prepare a business plan and cash-flow calculation before the bank meeting. Uusyrityskeskus helps with those papers at no charge.

Read every personal guarantee before you sign. Limited liability in an Oy does not cancel a guarantee you have given.

Where to seek advice

The best place to start is Finnvera: https://www.finnvera.fi/rahoitus/takaukset/alkutakaus

Product terms for alkutakaus are on this page. Customer service: 029 460 2580 (weekdays). The loan itself is applied for at your bank. For the business plan, use Uusyrityskeskus: https://uusyrityskeskus.fi/yrityksen-perustajalle/palvelumme-alkavalle-yrittajalle/

All the necessary links

finnvera.fi — Guarantees and loans.
Your bank — Loan application that includes the guarantee request.
uusyrityskeskus.fi — Calculations the bank expects.
businessfinland.fi — Separate organisation for many grants; not the same as Finnvera.