Companies of all sizes that are registered in Finland and whose investments contribute to the circular economy and green growth in Finland are eligible for the funding. The application period for the investment grants ends on 16 April 2021.
The purpose of the investments is to bring about significant positive environmental impacts by increasing the circulation of materials in industry. In addition, the investments will contribute to business and employment growth in various sectors in Finland and internationally. For an investment to qualify for the funding, it must be shown to have a direct positive impact on increased recycling or on exceeding environmental standards. The funding is intended for circular economy investments in Finland.
“The government wants to promote the circular economy and in this way to support the transition of society towards more sustainable development. The aim is to maintain products, materials and their value in the economic cycle for as long as possible. Companies play a key role in this change, which is why we now want to support their investments with this new financial instrument from Business Finland,” says Minister of Economic Affairs Mika Lintilä.
“The funding is intended for companies wishing to change conventional operating and production methods so as to foster the circular economy and green growth. The funding is intended for innovative investments that increase the level of environmental protection beyond European Union standards. The investments can also increase waste recycling with solutions that go beyond the most recent level of technological development in the industry in question,” says Business Finland unit director Minna Suutari.
Investments that are eligible for funding can be related to industrial construction, improvement of the circular economy of business ecosystems, creation of digital solutions, or the recycling and reuse of waste.
The funding can be used for work carried out over the course of the project, for example for the purchase and installation of machinery or equipment, the acquisition of intangible rights, the deployment of an investment, or the necessary training of operating personnel.
The funding is provided in the form of a grant, and its amount is determined case-specifically. The aid is not paid in advance, but retrospectively against the final report and statement.
The funding is applied for through Business Finland’s online service.
More information on the funding website: Investment aid for Circular Economy
The Ministry of Economic Affairs and Employment will issue a call for applications for grants for the development of the circular economy and investment in it. It will complement this large package and will be launched on 1 March 2021. Further information will be given at that time. As in previous years, this funding grant is given in the de minimis form (max. EUR 200,000). Grants totaling EUR 1 million will be awarded.
“These amounts demonstrate well the division of labor between Business Finland and the Ministry of Economic Affairs and Employment’s instruments,” Lintilä says.
“The ministry’s support is targeted at smaller Finnish investment projects and the final stages of preparations directed at them. We are also prepared to collaborate in reducing the overlap of applications. Although the ministry’s own grant package is small, we already have encouraging experiences from previous years.”
Business Finland funding
minna.suutari (at) businessfinland.fi
Tel. +358 50 5577 830
Ministry of Economic Affairs and Employment funding
ulla.palander (at) tem.fi
Tel. +358 50 396 0312