What we fund
Financial support for feasibility studies that help Nordic companies expand to international markets.
Financial support for internationalisation
Nopef supports the internationalisation of Nordic small and medium-sized enterprises (SMEs) by providing financial support for feasibility studies to explore new market opportunities outside the EU and EFTA area.
Nopef supports feasibility studies for assessing and preparing international investments, as well as establishing business operations in foreign growth markets.
Funding is also available for feasibility studies aimed at implementing pilot or demonstration projects involving green technologies or solutions in the target country.
Results-based financing
Nopef provides results-based financing for internationalisation. Funding from Nopef is provided as a conditional loan that is converted into a grant fully or partially when the project has ended. If the project results in a successful internationalisation, the disbursed conditional loan is fully converted into a grant.
If the project does not result in an internationalisation (either an international establishment or a pilot or demonstration project), the applicant company can receive up to half of the approved conditional loan as a grant.
What is a feasibility study?
When a Nordic company is planning international investments or establishing business operations in a foreign growth market, they can apply for Nopef funding for a feasibility study.
A feasibility study, in the context of Nopef financing, is an evaluation that helps Nordic SMEs assess both commercial and operational viability of establishing business operations or making investments outside the EU and EFTA area. It may cover e.g. market analysis, partner identification and risk assessment to ensure informed decisions before committing significant resources.
About pilot and demonstration projects
In addition to feasibility studies for international investments and establishing business operations, Nopef can support feasibility studies aimed at implementing pilot or demonstration projects for green technologies or solutions in the target country.
To qualify for Nopef financing, the project must involve a technology, product, service, or business model that has already been commercially proven in the Nordic region or another country, and that shows potential for demonstration and scaling in the target market. Additionally, a local partner or customer must already be identified.
Nopef financing supports only the preparation phase of a demonstration or pilot project but not the implementation phase of the project.
- Validating the project’s viability in the local context
- Planning and development, including timelines, budgets, and risk assessments
- Negotiating partnerships and securing local agreements
- Conducting market analyses to assess demand, regulations, and scaling potential
Note: Nopef does not fund the purchase, installation, or operation of pilot equipment or facilities.
Costs covered by Nopef
Nopef can cover up to 50% of the costs for feasibility studies related to internationalisation, with a maximum funding amount of EUR 50,000. The support is provided as an interest-free conditional loan, which may be fully or partially converted into a grant upon project completion. Disbursements are made based on actual costs incurred.
Note: Nopef funding is classified as de minimis aid under EU regulations.
If the project leads to a foreign business establishment or investment, the full amount is converted into a grant. If not, up to 50% of the funding may still be granted.
- Internal salaries (including social costs and daily allowances)
- Travel, accommodation, and transport in the project country
- Legal and financial advice
- External consultants
- Risk and financial analyses
- Translation and interpretation
- Market analysis and verification
- Business plan development
- Planning for demonstration and pilot projects
- Identifying and evaluating local partners and investors
What Nopef does not cover
Nopef feasibility study funding cannot be used for:
- Sales, marketing, or day-to-day business expenses unrelated to project preparation
- Research and development
- Purchase of equipment/machinery, raw materials or inventory
- Installation or operational costs of pilot or demonstration facilities
De minimis regulation
Conditional loans provided by Nopef are disbursed in accordance with the EU’s de minimis regulation on state aid.
This regulation permits the granting of state aid as long as the total amount received by a single recipient does not exceed EUR 300,000 over any rolling three-year fiscal period. The calculation begins from the date on which the conditional loan from Nopef is granted.
