Business Loans in Finland

In recent years, new, small and mid-sized businesses in Finland have been finding it harder and harder to get a business loan. This is due to banks in Finland becoming a lot more cautious regarding whom they provide loans to. Bank loan rejections could have become a serious issue for companies needing capital were it not for the rise of financial lending companies. 

These financial companies, such as CrediNord, were able to provide smaller business loans to companies within the country. In fact, this area of the market has grown, with Finland having a rather large alternative financial market compared to other Scandinavian countries. With this in mind, let’s take a look at what you need to be aware of before getting a loan.

Business Loan Calculator – How much can I borrow?

In Finland, there are a number of different loans you can get. However, you need to calculate the correct loan amount, which is where the Business Loan Calculator comes into play. Generally, the loan has a fixed interest rate in place. Repayment is made in instalments, which are paid on a monthly basis. Most lending companies will not permit these instalments to exceed the net salary or pension you have. 

All financial companies will have their own Business Loan Calculator to help you get the right amount. This is usually available in the form of sliders, so that you can adjust the amount you want to borrow and the time period you want to pay it back in. The calculator then gives you the monthly repayment amount as well as setting the interest percentage.

Business Loans for Foreigners in Finland

With Finland’s burgeoning financial environment, it is now possible for a foreigner in Finland to also secure a business loan. To get this type of loan, foreigners don’t need to become a citizen of the country either. They can simply acquire a Finnish company, become a partner in a company, and so on. Additionally, international companies can also operate within Finland and enjoy the same benefits as Finnish businesses. 

For a foreigner to get a business loan in Finland they do need to have a right of residence in the country. Additionally, there must be a business plan in place. Once that is completed it’s time to organise the financing. Many financial companies will then offer loans, but you can also apply for a start-up grant from the Employment and Economic Office. 

Business Loans for SMEs

Small and medium-sized enterprises, or SMEs, are also able to get business loans in Finland. In fact, it’s very common for a small business to be granted a loan in this country. In 2017 alone, 99% of firms in Finland were classified as SMEs. Lending to an SME has even increased since then, with this increased loan demand supported by a positive economy. 

What’s great about these small business loans is that each loan is not so big. This means that SME owners can easily apply for a loan and even get it approved within the same day. Financial companies do vary in what they offer, but commonly loans will cover 50-70% of the costs and can be repayable over anywhere from 6 to 18 months.

Apply For A Business Loan Online And Get Quick Approval

At CrediNord, SME owners in Finland can apply online for a business loan and get fast approval. The process is quick and easy. First, calculate how much you need. Next, accurately fill out a loan application form and complete the identification process. During working hours, successful applications will receive a loan offer within the hour. Offers accepted before the end of the workday will receive funds in the business account that same day.

Frequently asked questions about Business Loans in Finland

Now that you know the basics of how it works, here are some of the more commonly asked questions about Finnish Business loans. 

How can I get a business loan?

(1). Fill in a CrediNord loan application form and send it. (2). You will receive an offer within 1 hour on working days. (3). If you accept the offer anytime Mon.–Fri. 9 am to 4 pm, then you will receive the loan the same day. 

Can I get a business loan in Finland? How do I qualify?

To be eligible for a business loan certain minimum requirements must be met. First, the company must be currently in business, with its head office located in Finland. Second, the company must have been in business for at least six months. Third, the company must not have any arrears. Fourth, the company’s guarantor must have a credit record that is all in order. Finally, the company’s annual turnover must be €30,000 or more. 

What kind of business loans can I get in Finland?

If you need funding for your business then you need to make sure you understand all the business loan and financing options in Finland. There are specific loans suitable for different situations. (1). SME business loans are for small businesses with fewer than 250 employees. (2). Personal loans are available for smaller situations and needs. (3). Small companies may also be eligible for a startup grant instead of a loan.