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Centre for Economic Development, Transport and the Environment in Kainuu, Kainuu ELY Centre for short, is the provider of public financial support for enterprises in the region. ELY Centres finance business expansion, technology, internationalisation, productivity and business competence. SMEs in particular are in the focus of the business development aid The aid is intended for additional development projects and investments outside normal operations of an enterprise. Financial support can be granted for the development of operations, services and competence but also for machinery, instrument and construction investments. Maximum amount of support is 50% of the project expenses, however, most often the support percentage is lower.
Finnvera is another key public provider of funds for business operations. Unlike ELY Centres, it does not grant its business clients financial aid but loans, guarantees and equity-type financing in addition to export financing services. Direct loans and bank loan guarantees by Finnvera can be applied by start-ups and enterprises in operation. Finnvera financial arrangement is mostly linked with loans awarded by a bank to an enterprise and the enterprise’s equity financing thus topping up the financial package for the respective enterprise’s operations.
TEKES finances enterprises, universities and research organisations and public services and thus promotes the development of business sector and services. TEKES finances company growth, internationalisation and development of new innovations focused on novel business operations. TEKES is the most important public provider of technology funds, but has extended their financing to the development of services and renewal of organisations. Novelty and innovativeness are essential for obtaining TEKES funding. Tekes finance advice is locally available at Kainuu ELY Centre, but as the project proceeds, experts and specialists from national TEKES organisation will take over.
Regional Council of Kainuu does not award financial business support, ELY Centres do that. Regional Council of Kainuu, however, provides some funds to the benefit of enterprises, towards hospitality and marketing projects as well as projects managed by development companies, educational institutions and research organisations intending to improve business environment and promoting competence and innovative activities.
The City of Kajaani does not award direct financial business support or subsidise business operations. City funding, however, provides some funds to the benefit of local enterprises when the support is awarded as operating grant to development companies, educational institutions and research organisations who implement municipal financing as part of their project funding. Moreover, the resources provided by the City give added value to the business sector by for instance in the form of industrial sites in town planning and handing land over for industrial purposes and building infrastructure to those sites.