OCDE - Financing SMEs and Entrepreneurs 2026 - Noruega de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

Key facts on SME financing In 2023, nearly 97% of employer firms in Norway had between 1 and 49 employees, with those employing 1 to 9 people accounting for about 80%. The definition of small and medium -sized enterprises (SMEs) in Norway differs from that used in most EU countries. To enable cross-country comparison and ensure that the Scoreboard indicators are also relevant to Norway, Statistics Norway analy sed the Norwegian SME population using two thresholds: firms with fewer than 250 employees and those with fewer tha n 50 employees, in line with the indicators covered in the OECD Scoreboard. The outstanding stock of SME loans in Norway increased by around 31% over the past fi ve years, from NOK 652 billion in 2020 to NOK 856 billion in 2024. In 2024, SMEs accou nted for nearly 39% of total business lending. More than 82% of SME loans in Norway are long-term, indicati ng a strong focus on investment and growth financing rather than short-term liquidity. The predominan ce of long-term SME loans in Norway may reflect the structure of its banking system, where secured len ding and strong collateral coverage are common, as well as public financing schemes that suppor t long-term investment. It may also be linked to the importance of asset-intensive sectors, such as mariti me and offshore supply, aquaculture and fisheries. As with SME loans, venture and growth capital investments also recorded a strong increase over the same period, rising from NOK 102 billion in 2020 to NOK 179 billion in 2024 - an increase of approximately 75%. However, compared to the previous year, this represented a decline of around 10%. Newly established enterprises are defined as those founded within the past two years. Between 2016 and 2024, the share of venture and growth capital allocated to new SMEs remained within the range of 16% to 21%.

However, compared to the previous year, this represented a decline of around 10%. Newly established enterprises are defined as those founded within the past two years. Between 2016 and 2024, the share of venture and growth capital allocated to new SMEs remained within the range of 16% to 21%. Bankruptcies averaged 1 931 per year during the 2020–2024 period, with the highest number recorded in 2024 (2 622) and the lowest in 2021 (1 449). In the fall of 2024, The Government launched the first Norwegian white paper on entrepreneurs and startups. The white paper provides an update on the status of entrepreneurship in Norway, and addresses policy areas and framework conditions relevant to entrepreneurs. These areas include the capital mar ket, skills, social security schemes, competition policy, EU policy tools and the design of the policy instrument system. The white paper lists over 50 policy measures to improve further the conditions that help startups succeed. Norway2 

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

Table 1. Scoreboard for Norway 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 NOK billion 359 451.1 416.4 433.8 454. 452.8 433.1 474.9 550 530.3 509.3 561.5 618.3 652.3 678.4 796.6 830.8 855.8

Outstanding business loans, total NOK billion 837.2 1 033.5 1 030.8 1 057.3 1 125.2 1 131. 1 195.2 1 289.2 1 409 1 412.6 1 483.8 1 517.1 1 678.2 1 716.7 1 738.3 1 880.6 2 009.9 2 198 Share of SME outstanding loans % of total outstanding business loans 42.88 43.65 40.40 41.03 40.35 40.04 36.23 36.84 39.04 37.54 34.33 37.01 36.84 38.00 39.02 42.36 41.34 38.94 Outstanding short-term loans, SMEs NOK billion 69.1 83.9 69.9 73.0 75.9 85.4 81.1 90.5 100.2 85.3 87.1 100.6 107.2 89.0 102.2 120.5 126.1 151.8 Outstanding long-term loans, SMEs NOK billion 289.8 367.2 346.5 360.1 378.1 367.4 351.9 384.4 449.8 445.0 422.3 460.9 511.1 563.3 576.2 676.1 704.7 704.0 Share of short-term SME lending % of total SME lending 19.3 18.6 16.8 16.9 16.7 18.9 18.7 19.1 18.2 16.1 17.1 17.9 17.3 13.7 15.1 15.1 15.2 17.7 Non-bank finance

Non-bank finance Venture and growth capital NOK billion 39.9 29.6 14.6 30.3 39.3 37.7 63.2 74.6 75.1 51.5 52.8 75 99.4 102.4 102.1 144.1 200.2 179.4 Venture and growth capital (growth rate) %. Year-on-year growth rate -25.80 -50.75 107.90 29.56 -3.98 67.72 17.91 0.73 -31.40 2.54 42.00 32.50 3.07 -0.28 41.12 38.88 -10.4 Other indicators Bankruptcies, SMEs Number 952 1 427 2 059 1 804 1 725 1 525 1 774 1 829 1 794 1 781 1 843 2 067 2 105 2 093 1 449 1 713 2 140 2 262 Bankruptcies, SMEs (growth rate) %. Year-on-year growth rate 49.89 44.29 -12.38 -4.38 -11.59 16.33 3.10 -1.91 -0.72 3.48 12.15 1.84 -0.57 -30.77 18.22 24.93 5.70

Note: Bankruptcy data refers to SMEs excluding sole proprietorships. Figures for 2024 are based on preliminary data, except for the bankruptcy data, which is final.

Source: Statistics Norway. See Table 4 for details 3

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

Macroeconomic and financing conditions Mainland GDP growth has slowed during 2023 as high inflation and interest rate increa ses continued to weigh on domestic demand, in 2024 Mainland GDP growth stood at 0.6%. Private consum ption has

Macroeconomic and financing conditions Mainland GDP growth has slowed during 2023 as high inflation and interest rate increa ses continued to weigh on domestic demand, in 2024 Mainland GDP growth stood at 0.6%. Private consum ption has weakened due to the rising cost of living, even though subsidies for household s’ electricity bills and a decline in accumulated savings during the pandemic have provided support. Busi ness investment growth has slowed. After falling for four consecutive months, headline inflation increased to 4% in October 2023, as electricity prices edged up. Underlying inflation has also eased but remains elevated. A tight labour market is fuelling wage growth, with ongoing wage negotiations pointing to wage growth of around 5 .5% in 2023. Lower global energy prices are expected to weaken Norway’s terms of trade and related revenu es. However, Norwegian exports should continue to benefit from strong energy demand from trading partners to replace mostly Russian gas supply, as well as buoyant energy services exports driven by higher investment in global energy production. Oil and gas investment is expected to increas e in view of the number of submitted projects by the end of 2022, halting the decline in the past few years. SMEs in the national economy In 2023, there were a total of 371 392 enterprises in Norway, of which 242 302 were non-employer or nonreporting firms. Among employer firms, the vast majority were SMEs employing between 1 and 249 people, accounting for 99% of all firms with employees. Approximately 97% of employer firms had between 1 and 49 employees, while those employing 1 to 9 people represented about 80%. Table 2. Distribution of firms in Norway, 2023 by firm size Firm size (employees) Number % Total firms 371,392 100 Firms with 0 employees or non-reporting 242,302 65,2

SMEs (1-249) 128,399 34,6 01-09 103,057 27,7 10-49 21,924 5,9

Total firms 371,392 100 Firms with 0 employees or non-reporting 242,302 65,2

SMEs (1-249) 128,399 34,6 01-09 103,057 27,7 10-49 21,924 5,9 50-99 2,216 0,6 100-249 1,202 0,3

Large (250+) 691 0,2

Note: The table excludes companies within Standard Industrial Classification (SIC2007) sections A, D, K, O, P, Q, R, S, T and U Source: Statistics Norway When defining SMEs as firms having less than 250 employees - the definition used in several EU countries - virtually all Norwegian firms are classified as SMEs. To contribute to cross-country comparison and make the scoreboard indicators also relevant to Norway, Statistics Norway used firms with fewer than 250 as well as those with few than 50 employees to analyse the Norwegian SME population along the indicator s covered in the OECD scoreboard. The distribution of employees in groups of compani es, however, is not obvious. Some enterprises in large groups have therefore been included in the SME po pulation, even though they belong to groups of companies with far more employees and would accordi ngly be classified as large enterprises.4 

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

SME lending SME loan data are derived from the Norwegian Tax Authority’s Income Statement form for non -financial limited and public limited companies, supplemented by the financial state ments submitted to the Register of Company Accounts at the Brønnøysund Register Centre. Over the five-year period from 2020 to 2024, SME loans grew at an average annual rate of 7%. By 2024, with a total of nearly NOK 856 billion, SMEs accounted for almost 39% of total bu siness lending. Outstanding SME loans increased from NOK 831 billion in 2023 to NOK 856 bi llion in 2024 , while total

with a total of nearly NOK 856 billion, SMEs accounted for almost 39% of total bu siness lending. Outstanding SME loans increased from NOK 831 billion in 2023 to NOK 856 bi llion in 2024 , while total outstanding business loans grew from NOK 2 010 billion to NOK 2 198 billion over the same peri od. Total business lending expanded at a faster pace than SME lending, resulting in SMEs accounting for a smaller share of total business loans, declining from around 41% in 2023 to approximately 39% in 2024. SME short-term loans decreased by 17% year-over-year in 2020 but rebounded wi th increases of 15% in 2021 and 18% in 2022. The growth in 2021 likely reflected the impact of government support m easures implemented to mitigate the economic consequences of the COVID-19 pandemic. By 2024, short-term loans had risen sharply to nearly NOK 152 billion, representing a significant i ncrease from the previous year. Outstanding short-term SME loans increased from NOK 126 billion in 20 23 to NOK 152 billion in 2024, representing an increase of approximately 20%. Long-term SME loans have shown steady growth between 2020 and 2024, rising from NOK 563 billion in 2020 to NOK 704 billion in 2024. In 2024, long-term loans accounted for 82% of total SME loans. Figures for 2022 showed a larger increase in both short-term and long-term SME loans com pared to previous years. This growth likely reflected rising inflationary pressures, as well as the depreci ation of the Norwegian krone (NOK) against major currencies such as the US dollar and the euro. Alternative sources of SME financing Most equity investments in newly established enterprises, defined as those founde d within the previous two years, are directed toward large enterprises with 250 or more employees. Between 2016 and 2024, the share of venture and growth capital allocated to new SMEs ranged from 16% to 21 %, meaning that

Most equity investments in newly established enterprises, defined as those founde d within the previous two years, are directed toward large enterprises with 250 or more employees. Between 2016 and 2024, the share of venture and growth capital allocated to new SMEs ranged from 16% to 21 %, meaning that large enterprises accounted for the majority of venture and growth capital in Norway. Table 3. SME equity financing in Norway (in NOK billions) New enterprises in the last two years 2016 2017 2018 2019 2020 2021 2022 2023 2024 Invested equity for new enterprises 316.6 335.6 423.4 484.1 574.2 607.1 772,4 936.2 913,0 Invested equity for enterprises with less than 250 employees 51.5 52.8 75.0 99.4 102.4 102.1 144.1 200.2 179,4 Invested equity for enterprises with less than 50 employees 46.5 47.5 61.6 86.5 99.1 96.3 132,0 189.2 175,6

Note: Figures for 2024 are based on preliminary data.

Source: Statistics Norway Other indicators Bankruptcy data refer to enterprises that are undergoing actual bankruptcy proceedings, coverin g SMEs but excluding sole proprietorships. The statistics are based on information reported to th e Register of Bankruptcies. Between 2020 and 2024, bankruptcies averaged 1,931 per year, peaking at 2,622 in 2024 and reaching a low of 1,449 in 2021. The unusually low number of bankruptcies in 20 21 was likely due to 5

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

government support measures, implemented alongside the temporary Reconstruction Act, aimed at alleviating financial difficulties during the COVID-19 pandemic. Government policy response

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

government support measures, implemented alongside the temporary Reconstruction Act, aimed at alleviating financial difficulties during the COVID-19 pandemic. Government policy response In the fall of 2024, The Government launched the first Norwegian white paper on entrepreneurs and startups. The white paper provides an update on the status of entrepreneurship in Norway, and addres ses policy areas and framework conditions relevant to entrepreneurs. These areas include the capital market, skills, social security schemes, competition policy, EU policy tools and the design of the policy instrument system. The white paper lists over 50 policy measures to further improve the conditions that help startups succeed.

For instance: • Exploring how the Governmental VC-fund, Investinor, can collaborate with pension f unds to increase start-ups and SMBs' access to early-stage finance. • Strengthening existing financial schemes (grants and loans) targeted towards entrepreneurs and startups, including efforts to develop the Norwegian ecosystem for start-ups and • closing the gender gap amongst entrepreneurs.6 

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

Figure 1. Trends in SME and entrepreneurship finance in Norway

Note: Figures for 2024 are based on preliminary data, except for the bankruptcy data, which is final.

Source: Statistics Norway 7

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

Table 4. Sources and definitions of Norway’s Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Debts owed to financial lending institutions, enterprises with less than 250 employees Accounting statistics for nonfinancial limited companies Outstanding business loans, total Debts owed to financial lending institutions, all enterprises Accounting statistics for nonfinancial limited companies Outstanding short-term loans, SMEs Short-term debts owed to financial lending institutions,

than 250 employees Accounting statistics for nonfinancial limited companies Outstanding business loans, total Debts owed to financial lending institutions, all enterprises Accounting statistics for nonfinancial limited companies Outstanding short-term loans, SMEs Short-term debts owed to financial lending institutions, enterprises with less than 250 employees Accounting statistics for nonfinancial limited companies Outstanding long-term loans, SMEs Long-term debts owed to financial lending institutions, enterprises with less than 250 employees Accounting statistics for nonfinancial limited companies Non-bank finance Venture and growth capital Invested equity for new enterprises with less than 250 employees in the last two years Accounting statistics for nonfinancial limited companies Other indicators Bankruptcies, SMEs Bankruptcy proceedings for SMEs (enterprises with less than 250 employees) excludes non-employer firms and sole proprietorships. Bankruptcy statistics8 

FINANCING SMES AND ENTREPRENEURS 2026: NORWAY © OECD 2026

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