Revised National Budget: New measures for businesses in Eastern Finnmark

The change is part of the revised national budget for 2024. We received NOK 20 million for businesses in Eastern Finnmark as part of the extraordinary package of measures introduced in June last year. Low demand for the loan schemes reflects the capital and risk situation facing local businesses.

The Ministry of Local Government and Regional Development also proposes establishing a permanent scheme within the allocation to support local business development in Eastern Finnmark. The proposal is partly a response to the impact of the sanctions against Russia.
The new scheme will enable us to target our efforts towards Eastern Finnmark.

The funding is available in the following municipalities:
Sør-Varanger, Vardø, Vadsø, Lebesby, Gamvik, Berlevåg, Tana, Nesseby and Båtsfjord.

'This is a very welcome change. It means we can do much more to provide the kind of support businesses in our region need,' says Øyvind Enstad Haga, Acting EVP of Innovation Norway Arctic. 'Many businesses have asked us to help fund their projects but have been unable to take out loans because market conditions have been so challenging. We now have far more scope to support them,' he says.

We will manage the scheme, which provides investment grants to businesses to support value creation, employment and business development at local and regional level. We will emphasise the projects' importance to local communities. Projects must demonstrate commercial viability, but there is no requirement for a specific level of innovation.

The Norwegian Government is proposing several new initiatives for businesses through us in the Revised National Budget.
Read Revised National Budget: NOK 5 billion for green industry | Innovation Norway and Revised National Budget: Dedicated business initiative in Ukraine | Innovation Norway.