Access to finance
Access to EU finance
This site will help you to apply for finance supported by the European Union. To access EU finance, click on your country to locate banks or venture capital funds that provide finance supported by the EU:
National sources of finance
The Ministry of Trade and Industry is responsible for cooperation with and management of the funding mechanisms, where the three most important players are the Research Council of Norway, Innovation Norway and SIVA. Large parts of the Ministry's resources for innovation and industrial research are channelled through these players.
The main role of SIVA is to contribute to growth and development of the economy in the districts. By means of its investments, SIVA reduces the risk involved in start-ups, both for traditional industry and modern knowledge businesses. SIVA's concepts include incubators, research and knowledge parks, nurseries and industry incubators. They have also established several investment companies together with other investors.
Guarantee Institute for Export Credit
The Norwegian State has tasked the Guarantee Institute for Export Credit (GIEK) with covering the risk of losses incurred when contracts are not fulfilled or payments are not made.
Eksportkreditt Norge AS
Eksportkreditt Norge is a state-owned limited company owned by the Ministry of Trade and Industry, which provides Norwegian industry with competitive export financing.
Innovation Norway provides services and programmes designed to help develop districts and boost innovation in industry throughout the country, and raise the profile of Norwegian business.
Innovation Norway makes a number of different types of loan to innovation projects and investments in machinery, equipment and construction. The types of loan range from high-risk loans, sometimes with the option of remission, to low-risk loans offered on commercial terms and secured by immovable property. Grants provide financial support to people who want to start a new business. People with promising and innovative ideas can apply for a grant. There are two different types of grant, establishment grants and incubator grants. Innovation Norway implements a number of programmes under which enterprises can apply for financing.
Seed capital schemes
A locally-oriented nationwide scheme that invests in innovative businesses in an early stage of development, and injects capital into high-risk projects with great potential for value creation.
Research Council of Norway
The Ministry of Trade and Industry is the biggest funder of industrial research and development in Norway, through the Research Council of Norway.
Access to EU funding
Norwegian businesses can obtain EU funding to participate in EU projects.
Apart from bank loans and venture capital, enterprises that need capital can also apply for loans and subsidies from private and public institutions according to specific rules.
Banks offer loans to enterprises. The banks that are members of Finance Norway (FNO) have a shared web site.
When you apply for a loan, the bank will conduct a thorough evaluation of the project, including a risk assessment and an analysis of the ability of the enterprise to repay. The banks will assess the applicant against the following criteria:
- Owner of the enterprise - experience, private means, education and references
- Business plan - is it realistic and sufficiently detailed? Has a market analysis been done?
- Network - accountants, auditors or other helpers
- Accounts - for established enterprises, the accounts for the last few years must be presented together with any agreements and budgets
The bank will demand security before granting a loan. The security may be lodged in immovable property, customer receivables, machinery or equipment.
Connect Norway is a not-for-profit foundation that offers free assistance to founders and growing businesses and connects them to experts and investors.
Business support organisations can advise businesses on how to find financing.