Finnvera change signals new ECA opportunities for SMEs

Global Trade Review, London, 18 January 2023) Finland’s export credit agency (ECA), Finnvera, can now offer credit directly to foreign customers of Finnish export companies after the country’s parliament approved a necessary amendment last week. Finnvera says that the goal is to give smaller export projects and small and medium-sized enterprises (SMEs) improved access to financing. “Currently, Finnvera grants large export credits to foreign buyers but only in cooperation with banks. However, it has been difficult to arrange buyer financing for export transactions amounting to less than €20mn, which has slowed down the development of the exports of Finnish SMEs in particular,” Juuso Heinilä, executive vice-president at Finnvera, tells GTR.