Changes
to the project

Changes to the project

Even a well-planned project may need changes along the way: a new person is appointed in charge, more time is needed, tasks planned for internal execution have to be purchased from an external supplier, or the costs have exceeded the budget. For most project changes, you will need advance consent form Business Finland. You should discuss the need for changes with your contact person. 

Submit the project change application through the Online Service

The project change application is completed on the "Changes" tab. The change application can be submitted by the accountable project leader or an authorized signatory of the organization. 

You can apply for a change through the Online Service in the following changes, among others:

  • project schedule and significant changes to the project plan
  • replacement of the accountable project leader
  • change to the cost estimate
  • change to the funding plan
  • change to project terms and conditions.

Changes that are not reported through the Online Service

The bank account number changes

Report a new bank account number by sending a signed copy of the template Y1 to Business Finland's record office (kirjaamo) by secured email. The report requires a signature of an authorized signatory of the organization.

The project's contact person or the cost statement contact person changes

A change in the project's contact person or the cost statement contact person can be reported by sending a message to Business Finland's record office (kirjaamo) by secured email

Organization restructuring, such as corporate acquisitions

Contact Business Finland well in advance of any changes related to the restructuring of your organization, such as corporate acquisitions. The company to which you wish to transfer your project will be subject to the same evaluation process as companies applying for new funding.

If the transfer of the project is approved, the company taking charge of the project has to accept the funding decision and its terms and conditions using acceptance template Y1.

Online services

You can apply for funding, report on the progress of your project and create a cost statement through the Online Service. As a new feature, changes to projects are now applied for through the Online Service. All documents related to your project are also available via the Online Service.

Go to the Online Service

Changes to loan terms and conditions

Business Finland loans are usually unsecured loans. If the project is at risk of failure or the utilization of its results is considerably delayed, you may apply for an amendment to the loan terms. In the first instance, the loan period will be extended. If the financial utilization of the project or its results fails, the remaining principal and interest may be waived in part or in full in exceptional cases.

Apply for an amendment to the loan terms using a free-form application, which must explain the reasons for requesting an extended loan period. You must complement your loan amendment application with a calculation of the progress of the project. You can make use of the sample calculation for loan amendments (xls). Send the application to Business Finland’s record office by secured email.

Repayment of the loan cannot be waived if:

  • the company has not repaid a loan due for payment and has not made or adhered to a payment plan
  • the company has outstanding tax debts, for which it has not made or adhered to a payment plan
  • the company is unable to conduct continuous or profitable business
  • the company is unable to repay any nominal remaining capital
  • it is too early to assess whether the project is a financial failure. In such a case, the loan period may be extended
  • the company has not decided to stop using the results of the project (the developed product is still being marketed, for instance), or the company has not waived its industrial property rights on the results developed in a project funded by Tekes/Business Finland.