The jungle of public funding options may seem confusing at first glance, as the opportunities are vast. There are several ways in which SMEs can get financial assistance from the public entities. Generally, these funds are directed to situations, where the development project benefits Finland in a larger scale. In other words, the aim is to increase the employment and tax revenue. Through the financial assistance the SMEs are encouraged to direct their resources to innovations, business development and internationalization.
However, in order to untap these resources to boost their business the companies should find the right channels and funds for their particular situation. Here’s a little summary of the public funding opportunities in Finland.
Innovation Voucher
If we set these different forms of funding on a scale according to the heaviness of the application process and the project scope, innovation voucher by Business Finland is at the lower end of that scale. The voucher is 5000€ euros, from which the company should have 1000€ of own capital.
The voucher is meant to situations where the SME has a new product or a service idea, but it requires external help to proceed with it. With innovation voucher the company can obtain expert services to support the development of this innovative product. Applying for the voucher is very straightforward and the decision comes back often in just few days.
Business Finland
Business Finland has various programs to fund companies and it is actually the biggest domestic player in the field. A common way to enter the Business Finland’s financial support is the Tempo funding, but there are other options as well, such as Into or R&D funding. The suitable funding program depends on the company’s size and age, but there are options to different type of companies from startups to over 5-year-old SMEs and large-scale businesses. The financial support of Business Finland is directed to such projects, which fasten product development or develop completely new products or services, enhance business development, pilot products to new markets and customers or aim to internationalize.
The application process with Business Finland is rather convenient. After writing the application and submitting it as such, it doesn’t automatically lead to either approval or rejection of the project. Instead, the content of it is in most cases negotiated with Business Finland experts, which helps you to fix the application in case there is something to improve or fix. However, the project and the application should be carefully planned before submitting it, as this makes the review and approval process much faster.
ELY Centers
Another domestic funding entity is the ELY Center, which is divided into regional offices: depending on the region, the funding policies vary slightly according to the development needs of that particular area. General themes to which the funding can be received are internationalization, production development and technological development.
The approval of funding is obtained by writing a project plan and discussing with ELY-center business advisor. In the case of ELY center, the company has to be able to fund half of the project by them self.
EU
The direct business funding from EU can be applied within the framework program running at that time: in 2022 it is done through a Horizon Europe research & innovation program, which will last to 2027. The three pillars of the program are “Excellent Science”, “Global Challenges and European Industrial Competitiveness” and “Innovative Europe”. Even if on a yearly level there is 350 million euros funding shared to European companies, this is divided between just a fraction of the companies applying. In order to get the direct EU support, the ideas must be competitive on a European level.
There is also indirect EU funding, which is shared through ELY centers or regional development funds. The regional development programs are published on the rakennerahastot.fi website, and some of them are suitable in business development context.



Has your company benefitted from all the funding opportunities you are entitled to? We at Sterly can help you to find the most suitable option to your needs.