Industry loan


An industry loan is useful if a company wishes to use a bank loan or lease for making an investment but lacks self-financing. In such a situation, an industry loan, being a subordinated loan, can increase the company's self-financing in the eyes of co-financing sources.

KredEx does not intervene in the running of the company that receives the loan.


  • The industry loan allows an additional lease or bank loan to be taken, thereby helping companies to grow faster.
  • The self-financing is lower than usual for the company; in some cases it is even 0.

For who?

Ettevõtte rahastamiseks

starting enterprise
established company
exporting company

Service is suitable if

  • the company is entered into the Republic of Estonia’s Commercial Register.
  • the company lacks undeferred indebtedness that is past due.
  • the company is sustainable and solvent.
  • the company’s equity capital meets requirements set forth in Commercial Code.
  • the company’s key persons are trustworthy and competent.
  • the company’s equity capital* and self-financing comprise at least 50% of the amount of the industry loan sought
  • the loan applicant’s recommended financial indicators at the time of application for the loan:
    • equity capital makes up at least 10% of the balance sheet volume
    • liquidity coefficient of at least 0.8
    • The loan service coefficient is at least 1.1 according to conservative estimates

* KredEx may count loans subordinated to the KredEx loan granted to the company toward equity capital

Important conditions

We do not issue loans for the following activities or to the following businesses:
  • Primary production of agricultural products, fishing and aquaculture and forest management
  • Manufacture, processing and marketing of tobacco (and related products)
  • Manufacturing, processing and marketing of weapons and ammunition
  • Acquisition of vehicles and equipment for road freight transport
  • Real estate development projects for the purpose of sale and leasing out. If real estate development takes place for the purpose of activities unrelated to the company’s own real estate development, including that of subsidiaries and affiliates, it is permitted to let out part of the premises, provided that the rental receipts, other than from subsidiaries and affiliates, does not exceed 30% of the loan applicant’s annual turnover.
  • Export-related activities that are directly related to quantities to be exported, establishing and operating a distribution network or other current costs stemming from exporting, if the issuing of the guarantee provides de minimis aid
  • The company’s direct or indirect owners include companies registered in tax havens.
  • Decommissioning or establishing nuclear power plants
  • Investments for reducing greenhouse gas emissions, which are generated in the fields listed in Annex I of directive 2003/87/EC
  • The objective of financing is the use of domestic products instead of import products
  • Fields related to pornography, gambling, unlawful download of data and enabling unlawful access to data networks.
Key conditions:

Purpose of loan: investments into PPE and intangible assets and related direct costs in relation to expansion of the company’s activity, diversification of output or restructuring of the production process.

Loan amount: up to 2,000,000 euros but not more than 40% of the project cost.

Contract signing fee: none

Interest rate:

  • in general, equal to the interest rate on the loan issued by the credit institution, if KredEx finances up to 20% of the cost of the project*
  • in general, equal to the interest rate on the loan issued by the credit institution + 1 percentage point, if KredEx finances 21-30% of the cost of the project*
  • in general, equal to the interest rate on the loan issued by the credit institution + 2 percentage points, if KredEx finances 31-40% of the cost of the project*
  • interest is paid on a running basis

* To prevent the aid granted to the loan recipient from exceeding the de minimis aid limit, the interest rate may be higher

Issuing of loan: the loan or part thereof is issued to the loan recipient, to the credit or financing institution financing the project or a third party. The conditions for issuing the loan are set forth in the cooperation agreement entered into between KredEx and the credit institution/KredEx and the financing institution

Contract amendment fee: 0.2% of the loan balance.

Loan repayment: a grace period is provided on repayments of principal of the industry loan until the expiry of the loan or leasing contract concluded with the credit or financing institution.

Good to know

  • You can find more information about the crisis measures intended to alleviate liqiuidity difficulties caused by the COVID-19 outbreak ON THIS PAGE
  • KredEx finances only projects that have not been fully implemented by the date of the financing decision.
  • KredEx processes loan applications that have received a positive financing decision from a credit or financing institution.
  • If the decision from the bank or leasing company is positive, an application must be completed for seeking an industry loan (entering the e-services environment requires an ID card or mobile-ID), to which the following is to be appended:
    • financial forecasts on the KredEx form
    • business plan, including investment project plan
    • a decision from the competent body of a credit or financing institution regarding issue of the loan or leasing
    • (audited) annual report for the last financial year ended
    • interim report for the current financial year, not older than 2 months as of submission of application
    • CVs for the company’s key persons

Application process

​​​The first step for applying for an industry loan is to contact a bank or leasing company to obtain a decision on issue of the loan or leasing.

If the bank or leasing company approves the loan or leasing, an application must be completed for seeking the industry loan (entering the e-services environment requires an ID card or mobile-ID), to which the following documents are to be appended.

Contact us

Mihhail Knut

Mihhail Knut

Client Manager

mihhail.knut [at]
Natalja Pauku

Natalja Pauku

Client Manager

natalja.pauku [at]
Jaak Tikko

Jaak Tikko

Client Manager

jaak.tikko [at]
Tiina Kalme

Tiina Kalme

Client Manager

tiina.kalme [at]
Argo Suurkask

Argo Suurkask

Client Manager

argo.suurkask [at]
Karmen Piip

Karmen Piip

Junior Client Manager

karmen.piip [at]