Updated terms: Share of covered costs increased, less frequent reporting

The updated terms and guidelines applied to existing and new Nopef projects make reporting easier while increasing the share of funding by Nopef.

The updated terms and guidelines for Nopef, which entered into force on 6 March 2023, introduce three changes to existing and new clients:

  1. Increased share of covered costs: The support provided by Nopef can cover up to 50% of the costs for a feasibility study, up to EUR 50,000 (previously 40%)
  2. Less frequent reporting: A written status report on project development is to be submitted every 12 months (previously every 6 months)
  3. Exclusive focus on Nordic SMEs: Nopef’s eligibility criteria have been updated to include only small and medium-sized companies (SMEs). A Nordic company with a maximum of 249 employees and EUR 50 million turnover can apply for funding from Nopef (previously max 500 employees and EUR 100 million turnover).

The updated terms and guidelines stem from the need to make the financing instrument even more relevant for businesses aiming for international markets and to sharpen the focus on small and medium-sized companies.

“Green SMEs are Nopef’s key target group and where we can increase additionality and add value. The updated guidelines will strengthen Nopef’s focus on and support our objectives to help Nordic SMEs to grow on international markets,” said Mikael Reims, VP, Head of Origination at Nefco.

The above-mentioned changes have been updated on both Nopef’s website and the application and guideline documents. If you have any questions, please contact us: info@nopef.com.