Why is it so difficult to get Loan from Nordea?

[raamv]

Have you tried this approach:
http://www.te-keskus.fi/Public/?nodeid=11581&area=7651

Development of Business

T&E Centres provide companies with low-cost and practical tools useful in developing their business, such as various company-specific development programmes enabling companies to enhance their competitiveness. T&E Centres also provide training programmes covering a variety of subjects.

Constituting one form of co-operation between T&E Centres and companies, corporate financing is divided into start-up and business-development funding.

The core idea of our corporate financing service is to promote SMEs’ business opportunities based on funding allocated to high-standard projects,with the aim of improving these companies’ competitiveness and operating environment in the long term.

T&E Centres allocate public funding to projects in which such money is expected to contribute considerably to project implementation, business success and employment.

Based on discretionary support, this funding often comes from both EU and national sources and is granted on the basis of a corporate and project analysis carried out for each project.

Please contact your regional T&E Centre, whose skilled staff will be pleased to tell you whether the financing option you have considered is appropriate for your company’s situation. You can also discuss project funding terms and opportunities with them.

and

Internationalisation

The T&E Centres steer enterprises towards planned internationalisation. Our experts provide guidance to enterprises on beginning and developing their exports and on improving their staff's capabilities and skills required in internationalisation. Helping enterprises create the capacity needed for international competitiveness, we accelerate and promote their internationalisation process and reduce the related risks by providing advice, training and financing. To find your local T&E Centre’s contact information, visit www.te-keskus.fi. The internationalisation programme Globaali and other development programmes http://www.te-keskus.fi/Public/?nodeid=12794&area=12721

Links:

* The Finnish Agency for Funding and Innovation (Tekes) www.tekes.fi
* Finpro www.finpro.fi
* Finnvera plc www.finnvera.fi
* The Finnish Ministry of Employment and the Economy www.tem.fi

[catchmeifucan]

Have you tried this approach:
http://www.te-keskus.fi/Public/?nodeid=11581&area=7651

Development of Business

T&E Centres provide companies with low-cost and practical tools useful in developing their business, such as various company-specific development programmes enabling companies to enhance their competitiveness. T&E Centres also provide training programmes covering a variety of subjects.

Constituting one form of co-operation between T&E Centres and companies, corporate financing is divided into start-up and business-development funding.

The core idea of our corporate financing service is to promote SMEs’ business opportunities based on funding allocated to high-standard projects,with the aim of improving these companies’ competitiveness and operating environment in the long term.

T&E Centres allocate public funding to projects in which such money is expected to contribute considerably to project implementation, business success and employment.

Based on discretionary support, this funding often comes from both EU and national sources and is granted on the basis of a corporate and project analysis carried out for each project.

Please contact your regional T&E Centre, whose skilled staff will be pleased to tell you whether the financing option you have considered is appropriate for your company’s situation. You can also discuss project funding terms and opportunities with them.

and

Internationalisation

The T&E Centres steer enterprises towards planned internationalisation. Our experts provide guidance to enterprises on beginning and developing their exports and on improving their staff's capabilities and skills required in internationalisation. Helping enterprises create the capacity needed for international competitiveness, we accelerate and promote their internationalisation process and reduce the related risks by providing advice, training and financing. To find your local T&E Centre’s contact information, visit http://www.te-keskus.fi. The internationalisation programme Globaali and other development programmes http://www.te-keskus.fi/Public/?nodeid=12794&area=12721

Links:

* The Finnish Agency for Funding and Innovation (Tekes) http://www.tekes.fi
* Finpro http://www.finpro.fi
* Finnvera plc http://www.finnvera.fi
* The Finnish Ministry of Employment and the Economy http://www.tem.fi

Thanks for this info raamv. You had also mentioned earlier in one thread. We have some expansion plans in near future. We will try out your way. But, do you think we will get any help in the present case as we have taken lease for a short period. We will see how it goes and then decide for a long term contract. We will visit Nordea today. Lets see how it goes. I am sure that, in our next venture bank is not the option.
Do you have any idea as you seem to know quite much. What kind of documents/reports we need to prepare for Finnvera? Is it easier and economical to hire a consultant to do that? I have seen the online forms but, I have to know first how much we can get loan as then I will make a offer to the owner (this is regarding our present business not the new one).
Thanks any way.

[raamv]

Thanks for this info raamv. You had also mentioned earlier in one thread. We have some expansion plans in near future. We will try out your way. But, do you think we will get any help in the present case as we have taken lease for a short period. We will see how it goes and then decide for a long term contract. We will visit Nordea today. Lets see how it goes. I am sure that, in our next venture bank is not the option.
Do you have any idea as you seem to know quite much. What kind of documents/reports we need to prepare for Finnvera? Is it easier and economical to hire a consultant to do that? I have seen the online forms but, I have to know first how much we can get loan as then I will make a offer to the owner (this is regarding our present business not the new one).
Thanks any way.

I dont see a reason why you are going to a bank to get a loan which you have to pay interest on..when you can go to any of these agencies and get Tax free advise and consul!!
Finnvera is more like a VC and so expects a business expansion plan ( A business case with reasons for your expansion, along with financial metrics, like ROI, IRR; % of return etc etc )
Well, If you have not done a business case, then you better get some help with TE keskus themselves..
( There are Many consultants that I can recommend, but these are the ones that can help you with your options ) and its better that you get to know the TE system so that you can see what options you have for your future..
Good Luck!!

[Cod]

..any reason you can't apply for a number of credit cards and just put it all down there? I was listening to yet another 'self-made millionaire' story the other day on Simon Mayo BBC, he took 50k GBP on credit cards to get his retirement homes project off the ground then a flood of phone calls came into the studio with others saying they did the same thing. I mean 12% APR is really not much in the scheme of things.

Clearly, it may be alot harder to get credit cards in Finland than it is/was in UK and building a business on the back of credit cards isn't something considered 'smart' but many well meaning folk.

[Flossy1978]

I got a 14,000euro loan from Nordea. No garrantees or anything. And I don't make 10,000 in 2 1/2 months, far from it.

I just went into the bank and talked to someone and they rang that luotto place to make sure I had good credit and they just gave it to me. This wasn't very long ago either, about 4 months ago.

The lady was really nice. She just kept talking about my home country, more than the loan LOL.

[dampa]

The lady was really nice. She just kept talking about my home country, more than the loan LOL.

... and this is actually one of the reasons why you got the loan.

[Flossy1978]

Probably the only reason LOL.