Starter loan



The KredEx start-up loan is intended for small and medium-sized enterprises that have been operating for up to three years, for financing their company investments and/or circulating capital.

Please Note! It is not allowed to use the KredEx start-up loan to refinance other obligations, nor to bridge-finance grants or to purchase vehicles and mobile machinery.

The issuance of starter loans was terminated on 31.12.2023.


  • The starter loan has lower collateral requirements compared to ordinary bank loans.
  • In general, a personal guarantee from the individuals who own the loan recipient is sufficient.
  • If the loan is used for the designated purpose, the guarantee provider is personally responsible for up to 25% of the loan amount.

For who?


starting enterprise
established company
exporting company

Service is suitable if

  • the enterprise is sustainable, solvent and has a feasible business plan and
  • a company with up to 250 employees, with an annual turnover of up to EUR 50 million or a balance sheet total of up to EUR 43 million and
  • at the time of submitting the loan application to the bank, no more than three years have passed since the company was registered in the Business Register and
  • only natural persons and/or companies own the company and
  • equity capital meets the requirements set forth in the Commercial Code and
  • the owner, Member of the Management Board and/or Supervisory Board of the company
    • have no overdue non-deferred debts;
    • have no current convictions for an offence against property or of a commercial nature.

Important conditions

Loans will not be granted to the following activities and undertakings
  • 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;
  • Acquisition of vehicles and self-propelled machinery on the basis of an authorization for issuing a guarantee on behalf of KredEx;
  • Financing of circulating capital for retail and wholesale companies.
  • 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 receipts from rentals, other than from subsidiaries and affiliates, do 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 export activity if the issuing of the guarantee constitutes de minimis aid;
  • Guarantees related to payment of taxes arising from legislation;
  • The applicant’s direct or indirect owners include companies registered in tax havens;
  • Decommissioning or establishing nuclear power plants;
  • Investments for reducing greenhouse gas emissions generated in the fields listed in Annex I of directive 2003/87/EC
  • Investments into airport infrastructure other than in a case where the investments are related to environmental protection or investments related thereto are necessary for alleviating or reducing the unfavourable environmental impact of airport infrastructure;
  • Companies operating in the field of gambling;
  • 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;
  • Research and development activity in the field of healthcare, the goal of which is to clone humans or develop genetically modified organisms for research or medical purposes.
Loan amount

Up to EUR 100,000, of which up to EUR 50,000 may be used as circulating capital

Loan interest

Up to 7% + Euribor of 6 months of the loan balance, including 4% + Euribor of 6 months to KredEx

Contract fees
  • The contract fee is up to 1.5% of the loan amount, including 0.5% to KredEx
  • The contract amendment fee is up to 1.2% of the loan balance
Loan guarantee

The joint and several guarantee of natural-person owners of the enterprise is 25% of the loan amount (if the loan is used for a specific purpose)

Loan period and repayment
  • The loan period is up to 60 months, including a grace period of up to 12 months
  • The loan is repaid with monthly payments on the basis of a depreciation schedule. By the end of the loan period, the loan balance must be zero
Mandatory financial indicator

After the loan has been granted, the debt-service coverage ratio (DSCR) is conservatively estimated to be at least 1.2

Recommended financial indicators of the loan recipient
  • Current ratio of at least 1.1
  • Equity capital makes up at least 15% of the balance sheet volume after the issue of the loan
  • Share of self-financing for investment loans is at least 10% of the project cost
  • Total financial obligations do not exceed 70% of the loan recipient’s annual turnover

Good to know

  • Find out more about Enterprise Estonia’s services for businesses here

Application process

The enterprise does not need to contact KredEx. To apply for a starter loan, the relationship manager fills out the starter loan application form for the entrepreneur on the website. The application must be accompanied by:

  1. the decision of the competent unit of the bank on granting the loan;
  2. a loan project memo from the bank’s relationship manager or the enterprise’s business plan. 
    Minimum requirements for a business plan: description of the business idea; required investments, their cost and sources of financing; future customers; future suppliers; competitors, overview of the finances of competitors (if possible); employees; knowledge and experience of key individuals
  3. CVs of the key persons of the company (KredEx accepts information from the relationship manager’s memo);
  4. financial forecasts for the next three years;
  5. in the case of financial activity, (audited) annual reports for previous financial years and an interim report less than two months old for the current year;
  6. an overview of existing obligations;
  7. existing permits and licences.

For a free consultation on preparing the business plan needed to apply for a starter loan, visit a county development centre.

Banks that issue the starter loan: Luminor, SEB PankSwedbank and TBB Pank.


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Muhu Leib alustas ja laiendas KredExi stardilaenu ning laenukäenduse abil oma tegevust. Muhu Leib küpsetab tõenäoliselt parimat leiba maailmas.
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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]