According to the press release of the Ministry of Economic Affairs and Employment, the aim is to submit a legislative proposal regarding support for business costs to the Parliament on 4 June 2020. As a result, the application period for Business Finland’s funding for business development in disruptive circumstances will end on 8 June at 4.15 pm. Business Finland will process all applications received by the deadline as usual.
The Finnish Government has agreed on the detailed terms of support for business costs. The support is intended for companies, the turnover of which has decreased significantly due to the coronavirus and which have costs that are difficult to adjust. Due to the new support for business costs, the development funding by both Business Finland and the ELY Centres that is now being granted to companies due to the coronavirus situation will be closed.
The application period for Business Finland's funding for business development in disruptive circumstances will end on 8 June 2020 at 4.15 pm. Funding cannot be granted to companies that submit applications for funding for business development in disruptive circumstances to Business Finland after the deadline. This also applies to the applications currently in draft status in the Online Service submitted by the company to Business Finland after the end of the application period.
"Once decisions have been made on all applications, the focus of our work will shift to monitoring the funded projects," says Nina Kopola, Director General of Business Finland.
Business Finland aims to process the rest of the applications by the end of June. There are still approximately one hundred people working with funding for business development in disruptive circumstances at Business Finland, and some of them will move on to monitoring the approved projects after the applications have been processed.
On 16 March, the Government proposed that Business Finland be authorized to grant additional funding via the funding service established for the coronavirus crisis. Funding for business development in disruptive circumstances was opened for applications from companies on 19 March.
By early June, Business Finland received 27,983 applications. There have been 17,066 funding decisions made, and €490,078,150 of funding has been granted for a total of 12,502 projects.
When considering the funding decisions made by 26 May 2020, the two sectors that received the most from Business Finland are the industry and trade sectors. By that time, €71 million of funding for business development in disruptive circumstances had been granted for industry and €68 million for the trade sector.
Funding (M€) by sector by 26 May
|Software and games||51|
|Tourism and restaurant sectors||46|
|Business consulting services||29|
|Transport and logistics||13|
|Other business services||11|
|Health and social services||10|
|Real estate services||10|
|Technological and research services||6|
|Legal and auditing services||5|
|Funding and insurance services||4|
Tomi Korhonen, Director, Communications
tomi.korhonen (at) businessfinland.fi
+358 50 4499 575
Business Finland is a Finnish public organization that provides innovation funding and internationalization services. It also promotes Finland as a travel and investment destination. The organization employs 750 advisers at approximately 40 locations world-wide and 16 locations in Finland. Business Finland is part of the Team Finland network. www.businessfinland.fi