Finnvera’s financing in Lapland has changed. Instead of tourism, the state company has financed industry this year. Overall, the funding granted by Finnvera to Lapland has increased slightly.
The focus of funding granted by Finnvera has changed significantly this year. Instead of tourism, the state company has financed industry.
Compared to recent years, the tourism industry has received exceptionally little funding.
The share of tourism in the funding of the province of Lapland has typically been around 40–50 percent of the funding, but this year its share has remained at only 7 percent.
Since last year, the funding of the tourism industry fell by almost 90 percent.
Instead, tourism companies have been able to repay their loans normally.
Investments in tourism will increase next year
On the other hand, very few tourism companies have yet started to invest in a new one.
– We expect that a new investment wave in the tourism sector will start next year, which will increase the demand for financing, Vartiainen says in the press release.
Most of the funding granted to Lapland has been aimed at industrial investments.
– The strong business cycle in industry has improved companies’ results and balance sheets and accelerated the investments of companies in the sector, especially in the wood and sawmill industry, Vartiainen says.
Finnvera’s funding has increased
The amount of funding granted by Finnvera to Lapland has increased by four percent from the previous year. A total of 19 million euros in funding has been granted to Lapland companies this year.
The amount of funding granted in the entire region of Northern Finland has increased by 29 percent since last year. Finnvera has granted funding of 84 million euros to Northern Finland, which has been used to finance projects worth 192 million euros.
Finnvera is a financial company owned by the Finnish state. It offers companies loans, guarantees, capital investments and export guarantees.
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