Growth guarantee – exactly what businesses need

Under the scheme, we guarantee 75 per cent of the loan, while the bank must cover the remaining 25 per cent of any loss if the company fails to meet its obligations. Companies become customers of the banks participating in the scheme, not of Innovation Norway. The banks assess each case and approve the loans.
In some cases, banks may require the borrower to provide a personal guarantee. This will be based on an individual assessment, in line with the banks' duty to advise against entering into an agreement under the Financial Contracts Act.
The Act states: 'The client must be advised against using a service provider, and the service provider must be advised against entering into an agreement with a customer, if there is doubt as to whether the service provider or the customer will be able to fulfil their obligations under the financial agreement.'

The growth guarantee is a scheme that businesses and banks have been calling for. It enables many businesses that would otherwise lack access to capital to secure loans. This is important and essential to renewing the business sector.

Although the scheme is called the Growth Guarantee Scheme, we cannot guarantee that loan recipients will grow. What we can do is provide financial guarantees for the loans businesses need to grow, including when they have limited assets to offer as security. More than 1,100 companies received loans through the previous version of the scheme, giving them access to the capital they needed to realise their ambitions. This initiative supports our strategy to develop more high growth companies and businesses with the potential to grow internationally.

You can find more information on our website or by contacting us directly.