OCDE - Financing SMEs and Entrepreneurs 2026 - Finlandia de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

Key facts on SME financing The Finnish economy is recovering from a recession, with modest growth expec ted in the near term . It faced major changes and challenges in the 2020s, and the long-heralded growth has yet to materialise . The post-COVID recovery was rapid but GDP growth slowed to a mere 0.8% in 2022 due to inflation, rising interest rates, and Russia's large-scale aggression against Ukraine, GDP then contracted by 0.9% in 2023 and by 0.1% in 2024. Most forecasts expect the Finnish economy to resume growth, with the Ministry of Finance projecting GDP growth of 1% in 2025, 1.5% in 2026, and 1.7% in 2027. Slowing inflation and falling inter est rates are boosting growth, although continuing economic uncertainty is hampering it. Unemployment in Finland was a concern in 2025, with unemployment reaching record levels. The unemployment rate in April was 9.2%, well above the past decade's average. According to the Bank of Finland, Finland’s financial system has remained s table despite increasing international uncertainty. The business loan stock ranged from about EUR 10 billi on to almost EUR 15 billion in 2020–2024. New loans accounted for 53–56% of all SME loans during this period. The average interest paid by SMEs was 4.54% in 2024, compared with 3.87% in 2022 and 5.8% in 2 023. The interest rate for large firms peaked at 4.89% in 2023, while the average in 2024 was 3.98%. The credit spread between small and large business loans has narrowed in recent years, peaki ng at 1.1% in 2022 and declining to 0.56% in 2024. Public financing from actors such as Finnvera, Business Finland and E LY Centres remains the most

spread between small and large business loans has narrowed in recent years, peaki ng at 1.1% in 2022 and declining to 0.56% in 2024. Public financing from actors such as Finnvera, Business Finland and E LY Centres remains the most important alternative to bank loans. About one in five enterprises seeking financing turn to Fi nnvera, and its guarantees are increasingly required for bank loans. Nearly one third of enterprises reported guarantees as a condition for funding, rising to about 75% for strongly growth-oriented firms an d 44% for small enterprises (10–19 employees) The average length of B2B payment delays has increased, reaching 17 days in 2024 , equal to the 2020 peak. Delays fell in 2021–2022 before increasing again in 2023, and payment periods remain longer than before 2020. Bankruptcies totalled 3 488 in 2024, the highest in 2008 –2024, rising for four consecutive years since

2021. The increase peaked in 2023 (almost 25%), slowed to 5.2% in 2024. The number of bankruptcies continued to grow during the early months of 2025, with the total potentially expe cted to reach record levels.

Financing collected by Finnish start-ups decreased sharply in 2023 to EUR 89 6 million, about half of the 2022 level, but recovered to about EUR 1.4 billion in 2024 (EUR 1.7 billion in 20 22). Private VC financing has declined since 2022 (EUR 1.15 billion), falling to about EUR 980 million in 2023 and almost EUR 700 million in 2024. Overall, start-up financing has grown significantly over the p ast decade. The investment Finland2 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

strategy of Finnish Industry Investment Ltd (Tesi) for 2025 –2029 aims to ease access to VC financing, especially where private funding is limited.

Finland2 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

strategy of Finnish Industry Investment Ltd (Tesi) for 2025 –2029 aims to ease access to VC financing, especially where private funding is limited. According to the OECD report Benchmarking Government Support for Venture Capital, Finland has played a central role in building its VC ecosystem through public support, but challenges remain in growth-stage financing and internationalisation. 3

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

Table 1. Scoreboard for Finland Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR million 54 998 57 176 61 105 59 854 58 210 Outstanding business loans, total EUR billion

92 157 94 115 100 138 101 718 103 223 Share of SME outstanding loans % of total outstanding business loans 59.68 60.75 61.02 58.84 56.39 New business lending, total EUR billion

26 200 28 385 23 787 20 112 22 590 New business lending, SMEs EUR billion

13 777 14 776 13 103 10 619 12 675 Share of new SME lending % of total new lending

52.58 52.06 55.08 52.80 56.11 Short-term loans, SMEs EUR million

3 002 3 070 3 327 3 233 3 231 Long-term loans, SMEs EUR million

51 995 54 106 57 778 56 620 54 979

Short-term loans, SMEs EUR million

3 002 3 070 3 327 3 233 3 231 Long-term loans, SMEs EUR million

51 995 54 106 57 778 56 620 54 979 Share of short-term SME lending % of total SME lending

5.46 5.37 5.44 5.40 5.55 Government loan guarantees, SMEs EUR million 416 438 474 447 497 408 379 476 522 570 540 563 611 1 100 839 702 671 685 Direct government loans, SMEs EUR million 385 468 593 397 369 342 284 287 385 275 241 203 183 105 148 119 136 143 Non-performing loans, total % of all business loans

1.96 1.47 1.27 3.72 3.75 2.65 2.08 1.79 2.09 2.36 Non-performing loans, SMEs % of all SME loans

3 3 3 3 4 Interest rate, SMEs %

2.03 2.23 3.87 5.80 4.54 Interest rate, large firms %

1.49 0.83 2.77 4.89 3.98 Interest rate spread Percentage points

0.54 1.40 1.10 0.91 0.56 Collateral, SMEs % of SMEs needing collateral to obtain bank lending

27 28 29 30 31 Percentage of SME loan applications SME loan applications/ total number of SMEs

13.85 18.42 20.79 21.5 21.85 27.7 21.97 23.89 19.99 20.35 21.31 20.83 20.35 19.87 19.39 18.91

Rejection rate 1-(SME loans authorised/ requested)

6.98 4.92 3.12 8.08 7.06 6.71 6.24 5.59 6.76 4.15 6.11 8.74 11.37 14.00 16.63 19.26 Non-bank finance Venture and growth capital EUR million 189 218 146 351 148 185 173 168 190 219 203 338 640 714 1 029 1 152 979 694 Venture and growth capital (growth rate) %, Year-on-year growth rate

15.34 -33.03 140.4 -57.83 25.00 -6.49 -2.89 13.10 15.26 -7.31 66.50 89.35 5.78 44.12 11.95 -15.02 -29.11 Leasing and hire purchases EUR million

1 067 1 361 1 658 1 765 1 658 1 858

Other indicators Payment delays, B2B Number of days 6 5 7 7 7 7 6 6 5 5 5 5 2 17 11 10 14 17 Bankruptcies, SMEs Number 2 254 2 612 3 275 2 864 2 947 2 961 3 131 2 986 2 574 2 408 2 168 2 546 2 623 2 135 2 473 2 656 3 315 3 488 Bankruptcies, SMEs (growth rate) %, Year-on-year growth rate

15.88 25.38 -12.55 2.90 0.48 5.74 -4.63 -13.80 -6.45 -9.97 17.44 3.02 -18.60 15.83 7.40 24.81 5.22

Source: See Table 24 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

Macroeconomic and financing conditions The Finnish economy is recovering from a recent recession, but growth is expected to remain modest following a series of shocks in the 2020s, including the COVID-19 pandemic, geopolitical tensions, inflation, rising interest rates, and higher energy prices , which slowed GDP growth from 2.7% in 2021 to 0.8% in 2022 before contractions of 0.9% in 2023 and 0.1% in 2024. Most forecasts expect the economy to return to growth, supported by slower inflation and fall ing interest rates, improving purchasing power, although uncertainty still hampers consumption. Investments are expected to grow faster, driven by construction recovery and energy transition and defenc e projects in 2025–2027. The Ministry of Finance projects GDP growth of 1% in 2025, 1.5% in 2026 and 1.7% in 2027. Global trade uncertainty is hindering growth, while defence and infrastructure spendi ng in Europe boost demand. Employment and unemployment were a concern in 2025: the employment rate (20–64) was 76.2% in April, above the ten-year average, while unemployment was 9.2%, also well above the past decade average. SMEs in the national economy Most enterprises in Finland are microor small enterprises. According to Statistics Finland, in 2023, Finland had about 455,265 enterprises, and small and medium-sized enterprises (including mi cro-enterprises) accounted for 99.9% (454,583) of this total (excl. agriculture, forestry and fisheries). According to the Labour Force Survey, there were a total of about 254 000 entrepreneurs in Finland in 2024 (excluding agriculture, forestry and fisheries), and of them about 72% were self-empl oyed without employees (180 000) and about 28% were employers (70 000 persons). According to S tatistics Finland,

2024 (excluding agriculture, forestry and fisheries), and of them about 72% were self-empl oyed without employees (180 000) and about 28% were employers (70 000 persons). According to S tatistics Finland, a total of 41,600 enterprises started in Finland in 2023 which accounts for 8.6% of all enterpris es. In the same year, a total of 31 400 enterprises closed which accounts for 6.5% of all businesses. The number of enterprises starting was one per cent higher than in 2022, and enterprises closing down 12% was higher than. According to Statistics Finland, the turnover of Finnish enterprises totalled about EUR 544.4 billion in 2023 (excl. agriculture, forestry and fisheries). This is an increase of about EUR 78 bil lion compared to 2021 (excl. agriculture, forestry and fisheries). SMEs accounted for 58.7% of the enterprise sector turnover when agriculture, forestry and fisheries as well as other than self-employed employers are included in th e total. 5

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Table 2. Distribution of firms in Finland, 2023 By firm size Firm size (employees) Number % SMEs (1-249) 454 583 99.9 % Micro (1-9) 435 576 95,7 % Small (10-49) 15 899 3,5 % Medium (50-249) 3 108 0,7 % Large (250 -) 682 0,1 % All firms 455 265 100.0 % Source: Statistics Finland (Structural business and financial statement statistics). Data includes all industries (excluding the agriculture, forestry, and fishing industries p) Changes in statistics 1: The group of statistical units in the structural busines s and financial statement statistics have

All firms 455 265 100.0 % Source: Statistics Finland (Structural business and financial statement statistics). Data includes all industries (excluding the agriculture, forestry, and fishing industries p) Changes in statistics 1: The group of statistical units in the structural busines s and financial statement statistics have been expanded starting from the statistical reference year 2021. The expansion of sta tistical units has been carried out as part of the implementation of the new EU Regulation on European Business Statistics (EBS). Changes in statistics 2: Starting from the statistical reference year 2021, the da ta on the number of personnel has been calculated with a new method, causing a break in the time series between 2020 and 2021. The renewal decreas es the number of personnel by around 136 000 persons (9.0 %). SME lending The volume of new lending to SMEs has varied between EUR 10 billion and almost EUR 15 billion in the period 2020–2024. Due to changes in the Bank of Finland’s statistical sources, the statistics compiled after 2020 are no longer comparable with earlier figures. New loans granted to SMEs peaked in 2021 at EUR 14.7 billion) and were at their lowest levels in 2023 at EUR 10.6 billion. In 2024, new loans granted to SMEs totalled EUR 12.7 billion, which was about two billion euros more than in 2023. New loans accounted for between 53% and 56% of all loans granted to SMEs in the period 2020 –2024. The percentage was at its highest in 2024 at 56%. New lending to enterprises in the period 2020 –2024 peaked in 2021, totalling EUR 28 billion. The total volume of new loans has been on the decline since 2021, except for the year 2024 when new loans increased to nearly EUR 23 billion from EUR 20 billion in 2023. Because of statistical changes, comparisons with earlier years are no longer possible. Short-term loans accou nted for between 20% and

increased to nearly EUR 23 billion from EUR 20 billion in 2023. Because of statistical changes, comparisons with earlier years are no longer possible. Short-term loans accou nted for between 20% and 30% of all loans granted to SMEs in the period 2020 –2024. The level was at its highest in 2023 at 30.5% it decreased slightly in 2024 to 25.5%. The short-term loan stock of SMEs varied between EUR 3 billion and EUR 3.3 billion in the same period. In 2024, short-term loans totalled EUR 3.2 billion. The number of direct government loans granted to SMEs has been on the increase in r ecent years 20212024 (excl. 2022), even though levels are still below peak years, particularly before the 2010sfor example direct government loans totalled EUR 453 million in 2008 Direct government l oans reached their highest level in 2021 when they totalled EUR 148 million. Government loan guarantees increased gradually up to 2019, followed by a sharp peak at EUR 1.1 billion in 2020. Since then, they have declined and stabilised at a lower level, at around EUR 670–685 million in 2023–2024. In 2024, Finnvera granted a total of EUR 73 million and in 2023 a total of EUR 36 mi llion in climate and digital loans using the InvestEU guarantee programme. The loans are intended for green transition and digitalisation projects. The first such loans were granted in June 2023, and under the guarantee agreement concluded between Finnvera and the European Investment Fund (EIF) in July 20 25, they will also be available in the future on a broader basis. On the other hand, the introduction of EU guarantee programmes for SMEs has increased the availability of bank-intermediated SME loans and r educed demand for6 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

for SMEs has increased the availability of bank-intermediated SME loans and r educed demand for6 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

Finnvera loans. Finnvera also launched a six-month loan pilot for growth projects of micr o-enterprises in October 2024. A total of EUR 30 million in loans were granted during the pilot. The lessons learned from the pilot are being assessed and the assessment is expected to be completed during 2025. Credit conditions According to the autumn 2024 SME barometer, the growth prospects for SMEs have varied after the exceptional period. Growth expectations among SMEs have improved substantially after the negative first months of 2024. Low inflation, falling interest rates, the successful phasing out of Russian energy i mports and the severing of trade links with Russia turned the deeply negative expectations of the spring months into optimism. The average interest rate on small loans (loans of up to one million euros), wh ich is used as the interest rate indicator for loans granted to SMEs, decreased between 2011 and 2020 (to 2.03%). S ince then, the interest rates have risen again. The average interest paid by SMEs rose to 3. 87% in 2022 and reached record levels of 5.8% in 2023. Since then, it has decreased slightly to 4.54% in 20 24. The credit spread between small and large business loans is an indication of stricter terms for SME loans compared to loans granted to large firms, and there is evidence of gradually normalising conditions. In 2020, the interest rate spread stood at the low level of 0.54%. The interest rate spread widened substantially in 2021, standing at 1.4%. The spread was substantial in 2022 (1.1%) and 2023 (0.91%). Since then, the interest r ate spread has returned to lower levels and stood at 0.56% in 2024.

1.4%. The spread was substantial in 2022 (1.1%) and 2023 (0.91%). Since then, the interest r ate spread has returned to lower levels and stood at 0.56% in 2024. According to the SME barometer (2/2024), Finnvera’s role as a provider of alternatives to bank loans and an actor complementing bank lending has weakened slightly. However, nearly one firm in fiv e planning to seek financing says that it will seek loans from Finnvera. Nearly one thir d (32%) of all firms seeking bank financing reported that Finnvera’s guarantees were a condition for funding. The findings of the SME barometer 2/2024 show that the gradual diversification of business financing in recent years has experienced a setback. It seems that entrepreneurs are now more depend ent on the financial services offered by banks than in the past. This development poses issues due to traditional banking services becoming less accessible to enterprises. Therefore, new types of financing are needed for SMEs in Finland. A key concern is that, among emerging sources of finance, only small-loan provi ders have gained prominence. According to the SME Barometer, approximately 5% of SMEs have used such s ervices. Although the increase has been gradual, it underscores the limited diversification of SME financing options. While this type of financing may meet the needs of certain firms, the terms vary considerably and, in some cases, involve exceptionally high interest rates. Unlike consumer credit, interes t rates on business loan s provided by small-loan companies are not subject to equivalent regulatory constraints. Nearly two-thirds (65%) of all Finnish enterprises received bank financing during the last financial year, which is significantly below the EU average (81%). Only a very small proportion of Finnish enterprises that sought financing were granted bank financing on interest subsidy terms. This is significantly below the EU average and less than in any other EU country. According to the SME Barometer 2025, the availability of financing has weakened overall, although it shows slight improvement compared with the previous autumn.

sought financing were granted bank financing on interest subsidy terms. This is significantly below the EU average and less than in any other EU country. According to the SME Barometer 2025, the availability of financing has weakened overall, although it shows slight improvement compared with the previous autumn. The share of SMEs using external financing increased to 22% over the past 12 months, while 8% reported not applying for financing despite need. At the same time, only 5% of applican ts received a negative decision, suggesting that some firms refrain from applying due to tight collateral requirements (25%), high cost of financing (22%) and perceived weak availability of finance (21%) (SME Barometer 2025 Finnish enterprises are the sixth-most affected companies in the EU in terms of financing difficulties and they are facing such difficulties more often than companies in the EU on average. In most of the enterprises 7

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experiencing financing difficulties, the problem arises when an enterprise has sought finan cing, but the application has been rejected (EIB, Investment survey 2024). Rejected loan applications accounted for about 6% of all loan applications in Finland in 2019 but the figure rose to 8.9% in 2020, and further growth was recorded in 2023 and 2024. In 2024, a tota l of 12.1% of all loan applications were rejected. However, overall access to financing is not the most serious obstacle to the growth of Finnish SMEs. The situation has remained unchanged for many years. According to the SME barometer 2 /2024, the state of the Finnish economy was by far the most common obstacle to the growth of SMEs, reported by 38% of companies. Access to financing seems to be an obstacle to growth for only 7% of all SMEs. Alternative sources of SME financing According to the Finnish Venture Capital Association (FVCA), venture capital grew from EUR 247 million

companies. Access to financing seems to be an obstacle to growth for only 7% of all SMEs. Alternative sources of SME financing According to the Finnish Venture Capital Association (FVCA), venture capital grew from EUR 247 million in 2015 to EUR 1.4 billion in 2024, despite a decline in 2023 following the 2021 –2022 peak (EUR 1.66 billion in 2022). Investment fell to EUR 896 million in 2023 before recovering in 2024, when Finland outperformed most European countries. Private venture capital investment, however, has declined since 2022 (EUR 1.15 billion), falling to about EUR 980 million in 2023 and almost EUR 700 million in 2024. In euro terms, inputs by domestic investors have remained broadly stable in the 2020s , while large financing rounds by foreign investors drive annual variation. Foreign investment peaked at nearly EUR 1.3 billion in 2022 and reached EUR 957 million in 2024 (EUR 564 million in 2023). Investments by Finnish venture capital and growth funds remained stable at around EUR 214 –216 million, while business angel investments declined to EUR 32 million. Other foreign and domestic investors increased their investments, reaching EUR 726 million and EUR 223 million, respectively, in 2024 (FVCA, 2025). Table 4 shows that venture capital investments and growth investments with a venture capital background have increased over a ten-year period, particularly in early-stage investments, with s teady growth despite the recent slowdown. (Thus, growth investments resembling buyout investments in better-established growth companies are excluded from the analysis. In 2024, start-ups received EUR 445 million in venture capital, split between domestic (EUR 214 million) and foreign investors (EUR 231 million), across a record 208 firms, with a strong concentration in ICT (42%) (Finnish Venture Capital Association & EDC, 2025). However, access to financing remains a key constraint: the small size of domestic funds limits participation in later-stage and scale-up financing, increasing reliance on foreign investors , while economic instability

208 firms, with a strong concentration in ICT (42%) (Finnish Venture Capital Association & EDC, 2025). However, access to financing remains a key constraint: the small size of domestic funds limits participation in later-stage and scale-up financing, increasing reliance on foreign investors , while economic instability and subdued exit markets continue to hamper improvement (FVCA & EDC, 2025; Ministry of Economic Affairs and Employment, 2025).8 

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Table 3. Start-up financing in years 2013-2024 (EUR million) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Crowdfunding and accelerators 13 27 42 63 58 58 74 70 70 46 73 Finnish business angels 33 37 53 26 36 54 36 52 37 26 32 Other Finnish investments (e.g. corporations) 99 50 53 71 118 Finnish venture capital 73 88 83 106 109 138 215 158 200 139 179 Finnish VC-growth 65 16 50 34 Foreign venture capital 53 27 83 78 137 350 341 233 136 71 76 Foreign VC-growth 391 555 178 155 Other foreign investments (e.g. corporations) 37 68 72 132 188 115 271 302 597 315 726 Total 209 247 333 405 528 715 1036 1321 1664 896 1394

Source: Finnish Venture Capital Association (FVCA).

Table 3 describes the equity-type financing collected by Finnish start-ups each year. Both venture capital investments and other types of equity financing are included. Table 4. Venture and venture-backed growth capital investment in Finland

Source: Finnish Venture Capital Association (FVCA).

Table 3 describes the equity-type financing collected by Finnish start-ups each year. Both venture capital investments and other types of equity financing are included. Table 4. Venture and venture-backed growth capital investment in Finland By stage of investment, in millions of EUR Stage 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Seed 8 12 19 14 31 16 38 63 65 69 Start-up 64 73 85 105 93 138 148 156 105 141 Later stage 37 43 46 101 141 281 206 117 41 45 Total venture 109 128 150 220 265 435 391 336 210 255 VCGrowth 6 38 34 26 222 120 456 571 228 189

Source: Finnish Venture Capital Association & EDC Finnish financing applicants raised a total of EUR 23.8 million in crowdfunding and p eer-to-peer financing in 2024. This is in sharp contrast to the peak year 2021 when a total of EUR 377 million was raised.

In 2024, a total of EUR 23.8 million in financing was forwarded to domestic operato rs on crowdfunding platforms registered in Finland. This was the lowest figure recorded during the period that statistics have been compiled (2017–2024). Crowdfunding decreased substantially (66.3%) compared to 2023. Other indicators According to the SME barometer 1/2025, the year 2024 was a challenging period for many SMEs due to economic growth failing to materialise as the year progressed. Payment problems experienced by SMEs reached record levels during the second half of the year when 20% of enterprises reported proble ms in managing payments during the preceding three months. The situation eased somewhat during the first half of 2025 when 18% of SMEs reported problems in managing payments during the preceding three

reached record levels during the second half of the year when 20% of enterprises reported proble ms in managing payments during the preceding three months. The situation eased somewhat during the first half of 2025 when 18% of SMEs reported problems in managing payments during the preceding three months. (SME barometer 1/2025). The average length of B2B payment delays has been on the increase for several y ears. In 2024, the average was 17 days. The previous peak (17 days) for payment delays was recorded in 202 0 in the 9

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aftermath of the COVID-19 pandemic and during the economic downturn. After that, there was a marked improvement in the situation and payment delays decreased to 11 days in 2021 and to 10 days in 2022. However, the payment delay average has risen since then, reaching 14 days in 2023. P ayment periods are also significantly longer than before 2020 (Intrum, European Payment Report 2025, Finland) . According to Intrum’s European Payment Reports, Finnish enterprises have traditionally paid their invoices on time and Finland has often done excellently in European comparisons of payment discipline. However, the economic challenges of recent years, such as inflation, high borrowing costs and geopolitical instability have led to increased payment delays in Finland. The number of bankruptcies totalled 3,488 in 2024, which was the highest figure in the review period 2008– 2024, and bankruptcies have increased for four successive years. The number of bankruptcies started to grow in 2021 and the highest growth rate was recorded in 2023. That year, bankruptcies in Finland increased by 24.8%, but the growth rate slowed down to 5.2% in 2024. However, the figures for th e first months of 2025 suggest that the number of bankruptcies is still on the increase if the trend recorded in the early part of the year continues. Government policy response

increased by 24.8%, but the growth rate slowed down to 5.2% in 2024. However, the figures for th e first months of 2025 suggest that the number of bankruptcies is still on the increase if the trend recorded in the early part of the year continues. Government policy response There are three financing companies owned by the State of Finland that provide financing for start-ups and SMEs. Finnvera plc and Business Finland provide unsecured loans, guarantees and grants. Finnish Industry Investment Ltd (Tesi) operates in the venture capital investment market using equity-type financial instruments. To enhance the efficiency of the venture capital investment activit ies managed by the State of Finland, the operations have been made the sole responsibility of Tesi. The State of Finland also owns the VTT Technical Research Centre of Finland Ltd. Its task is t o act as an independent research institute promoting broad-based use of research and technology and t heir commercialisation in business and society at large. The purpose of the company is not to generate a profit. At the end of 2024, Finnvera had 21,100 customers of which 84.4% were micro-en terprises, 15.1% other SMEs and midcap enterprises and 0.5% were large firms. In May 2020, the Finnish Parliament raised Finnvera’s domestic credit and guarantee authorisation fr om a maximum of EUR 4.2 billion to EUR 12 billion. This gave a significant boost to Finnvera’s capacity to grant COV ID-19 financing. Finnvera gave a signal to the market that guarantees and loans are available when needed. In 2020, the State of F inland temporarily raised the compensation for credit and guarantee losses paid to Finnvera from 5 0% to 80%. The loss compensation was returned to 50% as of 1 January 2023. Finnvera has shifted its focus to guarantees as the loan stock has decreased in recent years. In 2024, Finnvera granted EUR 685 million in guarantees to SMEs.

The loss compensation was returned to 50% as of 1 January 2023. Finnvera has shifted its focus to guarantees as the loan stock has decreased in recent years. In 2024, Finnvera granted EUR 685 million in guarantees to SMEs. Finnvera wants to encourage enterprises to use the growth opportunities arising from the clean transition and digitalisation. The demand for the climate and environmental loans an d the digitalisation and innovation loans guaranteed under the InvestEU programme increased as expected in 2024 and a total of EUR 73 million in financing was granted in co-operation with the European Investment Fund.10 

FINANCING SMES AND ENTREPRENEURS 2026: FINLAND © OECD 2026

Table 5. SME loans and guarantees granted by Finnvera in Finland EUR million 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Loans 521 378 358 330 274 283 351 259 224 193 183 105 148 119 136 143 Guarantees 426 393 450 383 351 440 496 563 535 549 598 1100 839 702 671 685 Subtotal 947 772 808 713 625 723 847 822 759 743 781 1205 987 821 808 828 Export guarantees 85 57 97 95 87 145 117 110 110 117 127 167 149 122 104 151 Total 1031 828 906 808 712 868 963 932 869 859 908 1372 1135 942 911 979

Source: Finnvera, Annual Reports 200