Finnvera Guarantee fast track

Finnvera has put into operation lightened preconditions and a hastened procedure in granting the Finnvera Guarantee (fast track). The company contacts a bank and negiotiates a loan with the bank. The bank applies for the Finnvera Guarantee on behalf of the company.

In the Finnvera Guarantee, Finnvera’s guarantee coverage is raised 80%, and no additional collateral is required for guaranteeing for a EUR 150,000–1,000,000 corporate debt bond granted by a bank.

Finnvera Guarantees that fulfil the so-called fast-track preconditions are dealt with a hastened and a simplified procedure. 

Preconditions for the company in fast-track procedure:

• The applicant company must have a Rating Alfa classification of A at the minimum (Suomen Asiakastieto Rating Alfa classification).
• The company does not operate in sectors that are not allowed for Finnvera to finance (farming, forestry and property development in the construction sector)
• The company’s operations have been profitable before the economic crisis caused by the coronavirus, and the company is estimated to have an adequate ability to repay the liabilities

Preconditions for the loan in the fast-track procedure:

• A corporate debt bond amounting to EUR 150,000–1,000,000
• A loan period maximum five years, an instalment-free period maximum two years
• Shortening payment schedule
• The loan is granted for working capital needs in the the economic crisis caused by the coronavirus
• The loan is not granted for converting company’s existing liabilities
• The bank grants a suspension of amortisation to the bank’s other liabilities at the same time

Preconditions and pricing:

• Finnvera’s guarantee with coverage of 80%
• No additional collateral is required
• The guarantee commission is 1,75% pa., the service fee is approx. EUR 400