EU guarantees enable us to offer NOK 6.4 billion in new loans and financial guarantees
We and the European Investment Fund (EIF) are signing two agreements that will enable us to support around 1,600 small and medium-sized enterprises. Financial guarantees from the EIF, backed by the InvestEU programme, will enable us to lend more than NOK 3.5 billion for the green transition, innovation and high growth. The scheme is available from today.
'Today's launch marks an important step forward in supporting Norway's startup and scale-up ecosystem,' says Minister of Trade and Industry Cecilie Myrseth.
Guarantee scheme for banks
The agreements also include a financial guarantee scheme for private banks that will improve access to funding. The EIF guarantee enables banks to provide up to NOK 2.9 billion in credit and loans on favourable terms, such as lower interest rates, through the growth guarantee scheme. This initiative addresses the needs of innovative businesses in the growth phase, ensuring they have access to the financial resources they need to expand and develop further.
DNB signed an agreement with the EIF at the same time as we did.
The agreements will enable us to lend significantly more money to Norwegian businesses.
'Our partnership with the EIF under the InvestEU programme marks a milestone. These financial guarantees allow us to offer businesses even more favourable terms, enabling them to pursue ambitious innovation and green transition projects,' says CEO Håkon Haugli.
We invite banks interested in taking part in this initiative to get in touch.
Important for Norway and the EU
'Through these new agreements under the InvestEU programme, we are proud to support Innovation Norway in significantly expanding its lending capacity. This partnership will provide vital funding for small and medium-sized enterprises and promote the green transition, innovation and sustainable growth in Norway,' says EIF Chief Executive Marjut Falkstedt.
The EU Ambassador to Norway, Nicolas de La Grandville, also attended the signing of the agreements.
‘The InvestEU programme is an excellent example of cooperation between the EU and Norway, and of how our joint efforts are enabling the green and digital transition. Norway’s participation in InvestEU is made possible by the EEA Agreement, which helps build a more resilient economy for everyone and a sustainable future,’ he says.
Banks can register now
We are looking to partner with banks that are committed to supporting innovative, growth-oriented companies and want to join the Growth Guarantee Scheme for the 2024–2027 period. Through the scheme, we aim to enter into partnership agreements with selected banks covering a total lending volume of NOK 3 billion.
