Business Finland received nearly 30,000 applications for funding for business development in disruptive circumstances
The application period for Business Finland’s funding for business development in disruptive circumstances ended yesterday on 8 June. The application period for funding from ELY Centres for companies in the exceptional circumstances also ended at the same time.
Companies submitted a total of 29,722 applications to Business Finland. Of the applications, 60% involved more extensive funding for development projects, and 40% were for smaller preliminary studies.
By now, Business Finland has made a decision on 19,486 projects. EUR 587.3 million of funding in disruptive circumstances has been granted to 14,145 projects. The industry and trade sectors as well as the software and game industries have received the most funding so far. The figures change as the applications are processed.
"For us, this has been an ordeal by fire that has shown that we can react quickly to the needs of the customers and the society and operate efficiently even under heavy pressure. I am extremely proud of our experts," says Nina Kopola, Director General of Business Finland.
The goal is to be able to process most of the applications for funding in disruptive circumstances by the end of June. In fact, several hundreds of companies have already reached the project's final reporting stage. In connection with processing the final reports, Business Finland ensures that the projects have been implemented in accordance with the approved plan and funding terms and conditions. Separate teams have been established for the projects' customer service, processing the final reports and risk management; their work will continue until 2021.
The most applications were received from the trade sector, the tourism and restaurant sector and the industry
The companies that have applied for funding in disruptive circumstances come from a wide range of different sectors. The most applications came from companies in the trade sector (16% of the applications) and in the tourism and restaurant sector (12%), as well as industrial companies (11%).
When considering the applications based on the amount of funding applied, the most funding was sought by the trade sectors, industry and construction. The difference is due to the fact that in these fields, the applications involve more large development projects than in the tourism and restaurant sector, for example.
Applications from all around Finland – the most active applicants come from Uusimaa
Most of the applications came from companies registered in Uusimaa. The next most active applicants came from Pirkanmaa, Southwest Finland and Northern Ostrobothnia. The most funding in disruptive circumstances has also been granted to these areas.
Funding for business development in disruptive circumstances was opened quickly on 19 March. With the funding, companies can develop their business so that they can cope better with the challenges due to the coronavirus. After the funding in disruptive circumstances has ended, the companies can use Business Finland's extensive range of services for promoting export, international growth and innovation activities.
