Record-breaking volumes of KredEx enterprise guarantees


Last year, KredEx received 654 new guarantee applications; 494 new agreements were concluded, making it possible for Estonian enterprises to include additional financing of EUR 164.3 million. Compared to last year, the guarantee volumes have grown by 45%.


While KredEx made EUR 109.3 million of supplementary financing available to enterprises through their guarantees in 2015, then in 2016 the sum reached EUR 164.3 million. This is the largest amount that has ever been made available to enterprises within a single year in the history of KredEx. Last year, guarantees were used the most to finance working capital (43% of the total volume), followed by investments (38%) and bank guarantees (19%).

Overall volumes for the year were at a record level, with KredEx issuing EUR 91.9 million in guarantees. The previous record dates back to 2014, when the volume of guarantees amounted to EUR 69.2 million. Compared to 2015, the volumes have grown by 45%.

According to Jarmo Liiver, Head of the Enterprise Division at KredEx, the record numbers confirm the positive impact of changes that entered into force at the beginning of the year. “We increased the amount of loan guarantee issued to enterprises from EUR 2 million to EUR 5 million and improved the financing options for starting enterprises by issuing a per enterprise start-up loan in the amount up to EUR 100,000, instead of the previous EUR 64,000. Growth in application numbers as well as volumes confirms that these changes were crucial for enterprises. Financing options available to Estonian enterprises improved as a result, and their competitiveness also certainly increased,” Liiver said.

Also, the increased funding of starting enterprises is remarkable, especially when looking at the growing volumes of start-up loans. In 2016, starting entrepreneurs received start-up financing in the total amount of EUR 1.6 million, which is 65% more than in 2015, when the amount was EUR 971,000.

Since 2001, KredEx has provided guarantees for the financial obligations of more than 3500 enterprises in the total amount of EUR 636 million, making it possible for enterprises to involve additional funds from banks in excess of EUR 1.2 billion.


KredEx is a financial institution helping Estonian enterprises to develop faster and expand safely into foreign markets, offering guarantees, credit insurance, loans and risk capital assured by the state.