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How to Get a Business Loan in Finland

Running your business successfully in Finland usually requires outside funding. Fortunately, the outlook of funding in Finland is bright. However, finding the right financing is critical for your business in Finland. Getting a business loan is still the most common means to finance your business.

business loan

A comprehensive guide on how to get a business loan in Finland.

It always costs money to grow your business in Finland. That's the reason why funding your business is the very first and foremost financial choice that usually Finnish business owners make. However, when it comes to getting a business loan in Finland, how you will choose your funds will impact how you run your business.

Therefore, it's always better to know how to get a business loan in Finland. Here we have brought a comprehensive guide for you regarding the best ways to get a business loan in Finland. Make sure to consider all the information enlisted below to make the most out of your efforts in this regard.

So, here we go:

Determine how much amount you need

One of the first things you need to consider before getting a business loan in Finland is how much you need. Each business comes up with different funding needs. As a result, there is no one size fits for all financing solution out there. Your financial situation and personal vision for your business are going to shape the financial future for your business in Finland.

So, conduct a meeting with your accountant to understand your financial needs in the best possible way.

Once you have gotten an estimation about how much capital you need for your business, it will become easier for you to figure out the ways to get it.

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Get help from state-owned financing organizations.

The State of Finland owns some special financing companies to support businesses operating here. You can consider applying for a business loan with them as per your business needs.

Finnvera can be a great financing solution.

Finnvera is the leading state-owned financing organization that helps businesses by providing risk financing services. Finnvera has the capability of lower collateral and higher risks with the help of ERDF co-financing.

Additionally, Finnvera can provide business loans for different business development stages. So, whether you need finance to start your business in Finland, to grow, or to internationalize, Finnvera can help you with anything. To strengthen the competitiveness of your business and improve its operational potential, you can apply to get a business loan from Finnvera.

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ELY Centers

If you own a small to medium-sized business and need to apply for a business loan, then ELY centers can be an effective choice to consider. These centers also provide financing solutions for businesses to help them in business development, product development, internationalization, and other such kind of projects. However, you will have to apply for your business loan under Economic Development, Transport, and the Environment centers. Along with that, you can also visit their official websites for further help.

Business Finland funding option

Business Finland is also a financial organization owned by the state of Finland. It can help you test different business functionalities on a new market. But also, it will help you to grow your business in the best possible way.

In simple words, Business Finland can also let you learn different yet efficient ways for business growth to improve your innovation and leadership process. Most importantly, Business Finland offers different funding options for almost any size and type of business. So, you can rely on the funding options of Business Finland to justify your business loan needs.

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Finnfund funding  

Finfunned is another Finnish organization that can provide you with long-term investments. The organization is highly focused on helping business sectors that rely on sustainable development and others.

Consider getting a small business loan.

Well, if you need a small business loan only to cover your expenditures, you can apply for a small business loan from a bank in Finland. However, the process of getting your business loan approved from a bank in Finland is trickier. You must have proper documents and fulfill all the requirements of a bank to apply for a business loan here.

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Get venture capital from investors.

Investors can also offer you funding for businesses like venture capital investment. This type of investment is generally offered in exchange for an active role in the company or exchange for a share. It is commonly different from traditional business loans or financing solutions. It is because:

• Venture capitals are more focused on high-growth economies.

• Investors will invest capital for equity rather than debt.

• Venture capitals usually come up with long-term investment horizons as compared to traditional financing.

Venture capital can be the least considered business loan option.

Find the appropriate online lender.

Another most effective way to get a business loan in Finland is by finding an online lender. Various online financing firms are operating in Finland to support the Finnish business industry. However, you must perform your due diligence to choose the right online lender. 

Make sure to compare multiple online lenders, their services, terms of conditions, interest rates, and other important information. Also, make sure to have a look at the customer's testimonials to make a better choice in this regard.

Once you have chosen the right solution to get a business loan in Finland, then you should submit an official business loan application. Make sure to understand the lender's requirements you have chosen, collect all the required documents, and fill out the application form accordingly. An appropriately filled and submitted application will increase your chances of getting a business loan in Finland.

Final Thoughts

Overall, financing is the critical aspect of your business to make it work and become successful. So, if you need to source more capital for your business operations, then looking for a business loan is the most common solution to consider. However, the guide mentioned above will help you to understand how you can get a business loan in Finland.

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