The Estonian Business and Innovation Agency has opened an innovation loan for companies with innovative projects that need financing for development, investment or market entry in situations where traditional grant schemes or market-based financing are not a suitable option.
The innovation loan is available to both small and medium-sized enterprises and large companies. In general, the project is expected to have reached at least Technology Readiness Level 5, meaning that the solution has already been initially tested and validated.
The loan can be used to finance, among other activities, product development, applied research, feasibility studies, initial investments, investments in production capacity, project-related personnel costs and other activities related to the development of products and services.
Key conditions:
• loan amount up to €5 million
• interest from 2% per year
• loan period up to 15 years
• principal repayment grace period generally up to 3 years
• no collateral required
As the funding volume available for the innovation loan is limited, EIS will process applications in the order in which they are received.
To apply, companies must complete the innovation loan application form and submit a digitally signed application together with the required supporting documents via the EIS financial environment.
Application and further information:
https://eis.ee/en/services/innovatsioonilaen/