Was your company's funding application approved? This page contains instructions on how to start, monitor and report on your project.
Business Finland will pay an advance payment of 70% when the company has approved the funding decision. An advance payment already paid may be clawed back if the terms and conditions of funding are not followed. By accepting our funding decision in our Online Service, you also agree to our funding terms and conditions.
Project costs must be accounted right from the start of the project. You must be able itemize the project costs and prove their connection to accounting.
Only costs that have arisen during the project may be accepted for the project. A project may start earlier than the moment the funding application was sent from the Online Service. Therefore, a fee paid for creating the application is not an acceptable cost for the project.
All costs declared for projects must be paid for by the time they are reported to Business Finland.
Indirect personnel costs
If you notice during the project that your company cannot execute the project in accordance with the original plan, submit a change application for the project in the Online Service:
Report minor changes to Business Finland's record office:
Complete the final report in Business Finland's Online Service within 4 months from the end of the project period. You can familiarize yourself with the questions that you will need to answer in the report in advance and return to complete the template at a later date. You can complete the report once you finish your project, even if your project period hasn't ended yet. Your project must have finished and all your costs must have been paid before you submit your final report to Business Finland.
The last page of the template before you submit your report will ask for the accountable project leader's confirmation that
The cost statement contact person (a liaison officer from your in-house accounts department or a representative of your accounting firm, if you have outsourced your accounts) will need to provide a separate declaration to confirm that
The declaration cannot be given by the company's CEO or the accountable project leader. The report can only be submitted by the accountable project leader or an authorized signatory of the organization.
If you end up spending less on salaries and purchased services than the amount estimated in your funding decision, you can declare up to 30% of your other costs in your final report.
Raising the percentage of other costs cannot raise your total project costs above the total budget approved in your award decision. The amount of assistance cannot exceed your total business development costs.
Business Finland reserves the right to exchange information concerning beneficiaries with other authorities, such as the Finnish Tax Administration.
The remaining 30% of the funding will be paid after the final report has been approved. Paying the funding is subject to the company completing the final report and that the project has been implemented in accordance with the plan and in compliance with the funding decision and the terms and conditions of funding.
Funding cannot be paid if the company has outstanding tax debt that does not have a tax payment arrangement in place or for which a tax payment arrangement has not been applied for. In addition the company must not have neglected to file any tax returns. Business Finland may exchange information regarding the funding beneficiary with Finnish Tax Administration, for example.
Keep documentation related to the project for 10 years from the last instalment of the funding payment.
Business Finland will carry out more detailed audits on some projects retrospectively. The projects subject to a follow-up audit are selected randomly or based on a risk assessment or suspected misuse. In the event of any non-compliance or misuse of funding, Business Finland has the right to reclaim the funding either partially or in full with interest.