Nopef offers interest-free conditional loans of up to 40% of the approved feasibility study costs for a maximum amount of EUR 50,000 for establishing business operations in a specific project country outside the EU/EFTA area.
The conditional loan is wholly or partially converted into a grant following an approved final report. If the project results in a foreign business establishment or an investment, the entirety of the granted loan amount can be converted into support. If the projects is not realised, 50% of the granted conditional loan can be remitted.
Read the criteria below to see whether your company is eligible to apply for a conditional loan.
According to Nopef’s loan agreement for the grant the company shall:
• In connection with a disbursement request send a completed and signed cost report form that have been controlled by the company’s auditor. The original signed documents are to be sent by regular mail to Nopef.
• Send a final report. If the project is realised, documentation regarding the established business is to be included for the final disbursement of the loan.
Nopef finances feasibility studies for projects and investments which contribute to energy efficiency, reduced use of resources, development of sustainable energy and innovations within the areas of environment and climate fields.
The focus is on projects with direct environmental effects through investments in areas such as more efficient manufacturing and products, modern industrial processes, environmental and waste technology, and sustainable solutions for housing, infrastructure and transport.
Nopef also finances internationalisation projects with an indirect environmental impact, such as the delivery and development of technology, automation and process equipment, IT solutions, maintenance and services, as well as knowledge transfer, where positive environmental effects are created through increased efficiency, resource savings and an increased environmental awareness in the user chain.
When is a project considered as being realised?
A project is considered as being realised once the applicant company has begun operating activities in the project country through a subsidiary, joint venture or comparable form of establishment. The establishment must be documented by copies of the certificate of registration, paid-up share capital, shareholder agreement, employment contract, lease contract, completed investments or deliveries, auditor’s statement or other comparable documentation. Nopefs Credit Committee decides whether the project can be considered as realised based on the documentation received.
Can we revise the feasibility study plan during the course of the project?
Nopef accepts that a feasibility study may change during the project. Nopef must, however, separately approve larger changes affecting the projects overall objective.
What does environmental interest mean?
All projects for which financing is granted must contribute to positive environmental effects. Nopef mainly supports projects that contribute to improving energy-efficiency, reducing consumption of resources, cleaner and safer production processes, environmentally-aware products, waste management or recycling, renewable energy or other innovations within the field of climate and the environment. The application must include a clear description of the projects environmental interest, with examples from earlier reference projects and/or actual estimates of the positive environmental impacts that the project will deliver.
What does Nordic interest mean?
All projects that Nopef finances must contribute to Nordic added value. The project must, for example, contribute to increased competence and competitiveness in the Nordic countries, economic growth in the form of jobs, turnover, exports and investment. It is also an added value if projects contribute to showing and developing Nordic affinity, or have participants from two or more Nordic countries and the project positively impacts on gender equality in the Nordic countries and in the project country.
Are there other forms of funding we can apply for?
NEFCO also grants loan financing, buyer credits and equity financing. See the overview of our partners for national support.
Can we apply for continued financing for an investment?
Nopef grants support for feasibility studies for internationalisation. However, NEFCO can grant continued loan financing for Nordic SMEs and MidCap companies for projects on all continents.
NEFCO also finances small and medium-sized projects with a Nordic interest, which are implemented in Armenia, Belarus, Estonia, Georgia, Latvia, Lithuania, Moldova, Poland, Russia and Ukraine.