Corporate financing and the coronavirus pandemic – FAQs

You can apply for a 3- or 6-month repayment holiday for your existing corporate loan easily online. The repayment holiday is there for your company to provide acute help when there is one expense less. The repayment holiday is a sort of a way to get through difficult times.

How to apply for repayment holiday for a corporate loan 

• Log into the op.fi service and fill in an online application. If you do not have an OP user ID yet, please contact your own OP cooperative bank.
• You can apply for a repayment holiday for a loan on the op.fi service if you are authorised to manage your company’s financing.
• You can apply for a repayment holiday for 3 or 6 months. During the repayment holiday, you will only pay interest and loan servicing costs.
• We will process your application as soon as possible. We will contact your company once we have received your application.
• No separate fee will be charged for the repayment holiday.

Log into op.fi and apply for a repayment holiday for a corporate loan >

We seek to act promptly and make the changes as soon as possible, although we have now received a huge number of applications and we are occasionally very busy with their processing.

You can easily send a financing application online. The application does not bind you to take out the financing. Our experts will contact you as soon as we have received your application. 

We will make a financing offer to your company. We will always calculate the best financing offer on a case-by-case basis.

You can speed up the processing if you make your financial statements and cash flow statements readily available to us.

Together with our customers, we aim to find the most suitable solutions for companies to get over difficulties due to the coronavirus crisis. Then we will go through how the company can cope with the situation, for what working capital the company needs financing, what solutions can be used and how Finnvera’s guarantees can possibly be utilised.

Working capital financing means providing the company with capital for its normal running costs.

In a normal situation, a credit facility is a good solution to level off cash flow fluctuations, but you can also in this situation make use of a loan to help in an acute cash crisis. 

The term of corporate loans is generally 3–5 years. The advantage of the loan is that the money is right away available, the repayment plan is extended and at the outset you can make use of a 6-month repayment holiday, if needed.

The company should have an overall agenda on how it can get through the situation. This agenda should reveal all payment reliefs at the company’s disposal, such as rents, pension contributions and taxes. 

It is also important to know how the company will adjust its operations. Additional financing and the repayment holiday form part of the total package.

In this exceptional situation, Finnvera secures SMEs increased needs for working capital through its Start Guarantee, SME Guarantee and Finnvera Guarantee. 

Finnvera has broadened the criteria for Start Guarantees and SME Guarantees in respect of the working capital needs caused by the coronavirus crisis. Finnvera has sought to increase the efficiency of handling other guarantees too by agreeing on joint processes with banks and by intensifying cooperation with banks. Standard terms and conditions speed up handling. 

The product terms and conditions are subject to continuous review so that financing would be available to more companies.

Every time when the bank makes a new loan decision, it assesses the assets pledged as collateral. 

If the company has other collateral, it can also use it. If needed, such collateral can be combined with Finnvera’s guarantees.