Industry loan


A KredEx Industry Loan can be used to provide co-financing for investments in tangible and intangible fixed assets together with a bank or leasing company.

The Target Group is small and medium-sized enterprises (SMEs) in the manufacturing, mining, electricity generation, transmission and distribution, and waste treatment sectors.

NB! An Industry Loan cannot be used to pre-finance projects financed by the European Union and can only be used to finance projects that have not been fully implemented by the time the financing decision is made.


  • The Industry Loan is a subordinated loan, which helps to increase the project’s self-financing for the credit institution
  • For the company, self-financing is lower than usual and, in some cases, is even unnecessary

For who?

Ettevõtte rahastamiseks

starting enterprise
established company
exporting company

Service is suitable if

  • the company is sustainable and solvent and
  • equity capital meets the requirements set forth in the Commercial Code and
  • the company’s equity capital and self-financing combined comprise at least 50% of the amount of the Industry Loan being sought and
  • the company is entered into the Republic of Estonia’s Commercial Register and does not have arrears for which no payment schedule has been arranged and
  • the company’s management board members are trustworthy and competent.

Important conditions

Loans will not be granted to the following activities and undertakings
  • primary production of agricultural products, fishery and aquaculture, and forestry
  • manufacturing, processing and marketing of tobacco (and related products)
  • manufacturing, processing and marketing of weapons and ammunition
  • acquisition of means of transport and equipment used in road freight transport
  • acquisition of vehicles
  • companies engaged in financial and insurance activities
  • gambling operators
  • areas related to pornography, illegal data downloading and illegal access to data networks
  • research and development in the field of healthcare with the aim of cloning humans or developing genetically modified organisms for scientific or medical purposes
  • the objective of financing is to use domestic products instead of imported products
  • export-related activities directly linked to the quantities exported, the establishment and operation of a distribution network or other current expenditure resulting from export if de minimis aid is granted by the issue of the surety
  • decommissioning or construction of nuclear power plants
  • investments to reduce greenhouse gas emissions generated in the areas of activity listed in Annex 1 to Directive 2003/87/EC8
  • investments in airport infrastructure, unless they are linked to the protection of the environment or are accompanied by investments necessary to mitigate or reduce the negative environmental impact of airport infrastructure
  • mining, production, processing, transport, storage, burning of fossil fuels
  • waste disposal
  • investments to increase the capacity of waste management facilities
  • production of or trade in any product or activity that is illegal under national laws or international conventions and treaties
  • production or business activities using forced or child labour
  • trade in wild animals and wildlife products under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)
  • production and dissemination of racist, anti-democratic and/or neo-Nazi media
Requirements for project plan
  • The loan amount may not be used to pre-finance grants financed by the European Union;
  • The project has not been fully implemented by the time the financing decision is made;
  • In the case of land purchases, the cost of the land must not exceed 10% of the cost of the project;
  • The project must not have a significant adverse effect on the achievement of environmental objectives, i.e. it must comply with the ‘do no significant harm’ principle;
  • Climate proofing must be guaranteed in the case of infrastructure investments with a duration of at least five years and a total cost of more than €10,000,000.
  • In the case of projects with a total cost of more than €500,000, the borrower is obliged to set up an information board at the location of the investment or equipment.
Loan amount

Up to EUR 2 million; however, not more than 40% of the project cost

Loan interest

In general, if KredEx finances

  • up to 20% of the cost of the project, interest is equal to the interest rate of the credit institution
  • 20,01–30% of the cost of the project, interest is equal to the interest rate of the credit institution +1 percentage point
  • 30,01–40% of the cost of the project, interest is equal to the interest rate of the credit institution +2 percentage points
Loan Period

Up to 15 years.

Contract fees
  • There is no fee for the conclusion and early termination of the contract
  • The contract amendment fee is 0.2% of the outstanding balance, min €60.
Loan guarantee

A separate guarantee is usually not required for an Industry Loan, or a mortgage or commercial pledge is established as a last resort

Repayment of the loan
  • Until the expiry of the loan agreement concluded with the credit institution, the principal instalments of the Industry Loan are subject to a grace period and only interest is payable
  • After the expiry of the loan agreement with the credit institution, the Industry Loan will be repaid in equal instalments according to the following schedule

Good to know

  • KredEx processes loan applications that have received a positive financing decision from a credit or financing institution.
  • Find out more about Enterprise Estonia’s services for businesses here

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 decision from the bank or leasing company is positive, a bank officer (generally) fills in the industry loan application (you can enter the e-services environment using your ID-card or Mobile-ID), attaching the following documents:

  • financial forecasts on the KredEx form
  • business plan, including the investment project plan
  • decision of the competent body of the credit or financing institution on the issuing of a loan or lease
  • (audited) annual report for the last financial year
  • an interim report for the current financial year, which is no more than three months old at the time of submission of the application
  • CVs of the company’s key personnel.

Contact us

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]
Marek T

Marek Tiivel

Client Manager

marek.tiivel [at]