Growth loans for internationalisation and export

Export companies with some revenue and experience in international markets, and untapped potential for further growth. Your company should broadly have the following characteristics:

Can demonstrate market acceptance

• Scaleups that already have, or can demonstrate, the ability to meet future financial obligations.
• Total revenue of more than NOK 40 million over the past three years, with average annual growth of at least 20 per cent.
• The company already generates some revenue from markets outside Norway.

Strong ownership and management

• The company has received or will receive at least NOK 20 million in new equity in cash, providing sufficient self-financing for the project and the company.
• For share issues as described above, the company must be valued at a minimum of 10 times the relevant loan amount.
• One or more owners with strong financial capacity.
• A strong team with leaders who can take the company forward in line with its plans.

Lack of full funding

• The company requires at least NOK 20 million in capital, primarily for working capital, but also for investments in intangible and tangible assets.
• The company has limited and uncertain realisable value in assets that can be pledged as collateral, which prevents it from securing adequate bank financing.

For growth loans with an EIF guarantee:

Growth loans are part of our agreement with the European Investment Fund (EIF), which aims to improve access to finance for small and medium-sized enterprises. This partnership enables us to offer larger loans on better terms to businesses that meet the criteria for an EIF guarantee.

Growth loans backed by an EIF guarantee are available to SMEs and companies defined as small mid-caps (i.e. companies with fewer than 500 full-time equivalent employees). Growth loans backed by an EIF guarantee cannot be granted to larger companies.

To qualify for a Growth Loan with an EIF guarantee, your project must meet at least one of the EIF's Innovation or Digitalisation criteria, as well as our standard criteria.

The loan covers capital requirements of at least NOK 20 million, primarily for working capital, but also for investments in intangible and physical assets. The loan can support further international growth, even if your company lacks the collateral required to secure full financing from a bank.

Growth loan with an EIF guarantee:

To qualify for a growth loan with an EIF guarantee, your project must also meet at least one of the EIF's criteria for innovation or digitalisation, in addition to our standard criteria.

The terms for growth loans with and without an EIF guarantee differ. See both overviews below:

Growth loan without an EIF guarantee:

• Loan amount: From NOK 10 million up to NOK 25 million.
• Collateral: Up to 100 per cent of the loan may be provided without adequate collateral. We always take security over assets, but there are no absolute requirements for guarantees or equal ranking with a bank.
• Interest rate: Nominal interest rate 11.55% (for new loans from 29 September 2026 and existing loans from 7 December 2026)
• Term: 3–5 years
• Repayment profile: Flexible repayment structure, with interest-only periods available for up to the full term of the loan.
• Financing share: Normally up to 50 per cent from us, with no requirement for co-financing from a bank.
• Equity financing: Without co-financing from a bank, one or more of the company's owners must commit to providing the remaining capital required through a share issue. Alternatively, a share issue may have been completed recently, provided the proceeds cover the equity financing requirement.
• Risk premium: Together with the final regular repayment, you must pay a deferred establishment fee and a risk premium, which together amount to 5 per cent of the loan.

Growth loan with an EIF guarantee:

• Loan amount: Up to EUR 2 million per loan transaction. Companies may receive multiple loans with an EIF guarantee if they have separate and independent cost bases. The maximum total exposure for loans with an EIF guarantee is EUR 7.5 million.
• Collateral: Up to 100 per cent of the loan may be granted without adequate collateral. We always take security over assets, but there are no absolute requirements for guarantees or equal-ranking priority with a bank.
• Current interest rate: The nominal interest rate for growth loans backed by the EIF is capped at 10.21% (for new loans from 29 September 2026 and existing loans from 7 December 2026)
• Term: 3–5 years
• Repayment profile: Flexible repayment structure, with interest-only periods available for up to the full term of the loan.
• Financing share: Normally up to 50 per cent from Innovation Norway, with no requirement for co-financing from a bank.
• Equity financing: Without co-financing from a bank, one or more of the company's owners must commit to providing the remaining capital required through a share issue. Alternatively, a recent share issue must have raised sufficient funds to cover the equity financing.
• Risk premium: Together with the final scheduled repayment, you must pay a deferred arrangement fee and a risk premium, which together amount to 5 per cent of the loan amount.
  
  

In addition to our standard criteria, growth loans with an EIF guarantee must meet at least one of the EIF's criteria for Innovation (1) or Digitalisation (2).

(1) Innovation criteria

1. The borrower confirms that the funding applied for will be used for:

• to invest in the production, development or implementation of new or significantly improved:
  • products, processes or services, or
  • production or delivery methods, or 
  • organisational or process innovation (including innovative business models), where there is a risk of technological, industrial or commercial failure, as confirmed by an assessment from an external expert, or
• primarily investing in intangible assets (including IPR), particularly where our internal guidelines do not assign such assets any collateral value.

2. The borrower is a high growth company that has been in the market for less than 10 years since its first commercial sale and has achieved average annual organic growth of more than 20 per cent in either employee numbers or turnover over a three-year period, with 10 or more employees at the start of the observation period.

3. The borrower must have significant innovation potential or be a research- and innovation-intensive company by meeting at least one of the following criteria:

• The company's annual research and innovation costs are equal to or greater than 20 per cent of the loan amount, as shown in the borrower's latest annual accounts, provided that the company confirms an increase in research and innovation costs equivalent to at least the loan amount.
• The company confirms that it will use at least 80 per cent of the loan amount for research and innovation activities, as set out in its business plan, and the remaining amount for costs that enable these activities.
• The company has received a grant, loan or financial guarantee from EU research and innovation programmes within the past 36 months, provided that the EIF-guaranteed loan does not cover the same costs.
• The company has received a research, development or innovation award from an EU institution or body within the past 36 months.
• The company has registered at least one technology right (such as a patent, design right, trade mark, semiconductor product topography, supplementary protection certificate for medicinal products or other products eligible for such certificates, plant breeders’ rights or software copyright) within the past 36 months, and the loan transaction will directly or indirectly enable the company to exploit that right.
• The borrower has received investment within the past 36 months from a venture capital investor or a business angel who is a member of a business angel network; or such a venture capital investor or business angel is already a shareholder in the company when it applies for the loan.
• The company requires risk capital exceeding 50 per cent of its average annual turnover over the previous five years, based on a business plan aimed at introducing a new product or entering a new geographical market.
• The company's research and innovation costs must account for at least 10 per cent of its total operating costs in at least one of the past three years. For startups with no financial history, this applies to the accounts for the current year, as verified by an external auditor.
• The borrower is a small mid-cap company (not an SME and with fewer than 500 full-time equivalent employees), where research and innovation costs account for:
  • at least 15 per cent of total operating costs in at least one of the previous three financial years, or
  • at least 10 per cent of total operating costs in the previous three financial years.
• The company has incurred research and innovation costs during the past 36 months, and these costs form part of a general support scheme approved by the EU and designed to encourage companies to increase their investment in research and innovation, provided that:
  • the transaction covers incremental costs as set out in the company's business plan, and
  • the loan does not cover the same costs as those previously supported.
• Within the past 36 months, the borrower has been designated an innovative company by an EU institution or organisation, and we can verify this. The purpose of the loan must be to maintain and further develop the borrower's business activities.

(2) Digitalisation criteria

1. The borrower confirms that the funding will be used for at least one of the following purposes:

• Innovative business models: Developing new business models by adopting and integrating digital technologies (adding services to existing products or replacing products with services)
• Logistics management: Introduce or improve digital collaboration with suppliers through measures such as sharing business data, managing and monitoring inventory, collaborating with suppliers, improving services and including business partners in integrated supply chains.
• Product/service innovation: Improve existing products or services by adopting or integrating digital technology into them, and/or use or integrate digital technologies to develop new products and services and support the transition to carbon neutrality.
• Customer service: Integrating and using digital technology in customer communications, including improving systems for customer feedback and delivery capabilities.
• Business development: Business development and expansion of the customer base by entering new markets or geographical areas, or reaching new customers through the adoption or integration of digital technologies.
• Data security and protection: Improve data security or operational stability against threats such as data breaches, and strengthen data protection and privacy.
• Internal processes: Improving business processes by integrating innovative 'deep technologies' such as artificial intelligence, blockchain, drones, robotics, biotechnology, photonics, advanced materials and quantum computing into the borrower's operations.
• Digital competence, education and training: Training and further development of employees’ digital skills, recruitment of new employees with digital skills, and development of leadership and business expertise in a digital world.
• Digital company: Support for service providers that enable and support the digitalisation of value chains, provided that they focus primarily on the delivery and adoption of digital products and services.