What we do
ETCI: European Tech Champions Initiative
Scale-up financing gap
ETCI milestones and events
News and multimedia
Institutional investors
Equity products
AI Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Estonia: European support for SMEs in cultural and creative sectors with €6 million guarantee to Finora Capital

    Date: 14 October 2020
  • EIF €6 million guarantee to Finora unlocks favourable loans for SMEs in cultural and creative sectors;
  • Support allows Finora, a SME focused digital lender to expand, further digitalizing financial services in the European Union;
  • The operation is enabled by the Cultural and Creative Sectors Guarantee Facility (CCS) established the European Commission and managed by the EIF, and EFSI, a part of the Investment plan for Europe

More support will become available for small and medium enterprises from the cultural and creative sectors in Estonia, Latvia, Lithuania and Finland. Thanks to a €6 million guarantee from the European Investment Fund (EIF) to Estonian lender Finora Capital, they will gain access to more affordable loans.

The operation is enabled under both the Cultural and Creative Sectors Guarantee Facility (CCS), a guarantee scheme managed by the EIF on behalf of the European Commission, and the European Fund for Strategic Investment (EFSI), a part of the Investment Plan for Europe. This is the first CCS supported operation in Lithuania, Latvia, Estonia and Finland. 

The EIF guarantees will allow Finora, a fully digital, alternative finance providing company to develop a new product matching the specific needs of SMEs in cultural and creative sectors, develop competences in financing the cultural and creative sectors and expand into new markets.

Alain Godard, Chief Executive of the EIF commented on the operation saying: “Cultural and creative sectors are an important driver of European social and economic development. The European Investment Fund is happy to support Lithuanian, Estonian, Latvian and Finish SMEs in these sectors develop and grow.  We are equally happy to support development of an ambitious start-up like Finora and continued digitalization and modernization of the financial markets in the European Union.”

Thierry Breton, Commissioner for Internal Market, said: “Today’s support to cultural and creative companies in Estonia, Latvia, Lithuania and Finland is a great initiative, part of our joint efforts to offer concrete, quick and direct relief to small businesses and individual actors in the cultural and creative sector that have been severely affected by the coronavirus crisis. Now more than ever European SMEs and creators need support across Europe. I am very happy our financial tool is helping them to weather the crisis, power their creativity, and preserve Europe’s rich and diverse cultural scene.

Andrus Alber, the CEO of Finora: “We are very glad and proud that Finora was in this region the first partner for the EIF in this sector. With the support from the EIF, Finora is able to expand its offering in Estonia and Lithuania already during Q4 this year. In 2021 we want to start offering the product also in Latvia and Finland“.

Background information:

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises by helping them to access finance. It designs and implements venture and growth capital operations, as well as guarantee and microfinance instruments specifically targeting this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

Finora Capital is an Estonian FSA licensed credit provider. Finora currently provides mortgage-based loans, factoring, working capital loans, leasing and guarantees to SMEs in Estonia and Lithuania. It also offers unsecured consumer loans for e-shops in Estonia.

The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI are expected to mobilise more than EUR 458.8bn in investment, supporting over 1 million start-ups and SMEs across the 27 EU Member States.

About the Cultural and Creative Sectors Guarantee Facility (CCS)

The Creative Europe programme (2014-2020)  and EFSI of the European Commission earmarked €251 million to a financial mechanism acting as insurance to financial intermediaries offering financing to cultural and creative sector initiatives. The programme is expected to create €2 billion in loans and other financial products through a catalyst effect. In addition, financial intermediaries receive training to better understand the needs of cultural and creative sector projects, with a view to increasing their engagement with the sectors. The guarantee scheme is managed by the EIF, on behalf of the European Commission, and aims at strengthening cultural and creative sectors companies' financial capacity and competitiveness.

Contact information:

EIB Group:
Tim Smit, +352 691 286 423, t.smit@eib.org Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org Twitter @https://twitter.com/EIF_EU 
LinkedIn https://www.linkedin.com/company/european-investment-fund/

Finora: Andrus Alber, +372 658 1300, andrus.alber@finoracapital.eu

European Commission: Flora Matthaes, +32 460 755148, flora.matthaes@ec.europa.eu

EC Representation in Estonia: Hanna Hinrikus, +372 626 4411, Hanna.HINRIKUS@ec.europa.eu


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.