Capital loan


The KredEx capital loan is a subordinated loan targeted at fast-growing companies with a proven business model and excellent development potential. The purpose of a capital loan is to finance activities aimed at increasing the competitiveness of a company through its development or expansion.


  • Similarly to the owner, KredEx provides the business with capital that, due to its subordinated status, increases the level of self-financing in the eyes of other financing sources. This in turn allows the company to raise additional financing.

For who?


established company
exporting company

Service is suitable if

  • the company is sustainable and solvent and
  • the equity complies with the requirements of the Commercial Code and
  • the company’s equity amounts to at least EUR 100,000 and its share in the balance sheet is at least 10% and
  • the company has been entered in the Estonian Commercial Register and has no outstanding and deferred debts and
  • the company’s key persons are reliable and competent and
  • the debt service coverage ratio (DSCR) is conservatively estimated to be at least 1.1.

Important conditions

Loans will not be granted for the following activities and undertakings:
  • primary production of agricultural products, fishing and aquaculture and logging, not including activities related to timber processing
  • firearms and tobacco industry
  • acquisition of trucks for road transport if the aid provided by issuing the loan constitutes de minimis aid
  • circulating capital for retail and wholesale traders.
  • real estate development projects for the purpose of sale and leasing out. If the 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. In such a case, rental receipts, not including from subsidiaries and affiliates, may not exceed 30% of the loan recipient's yearly 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 loan provides de minimis aid
  • the company’s owners include companies registered in tax havens
Loan amount
  • Up to EUR 2 million, but not exceeding the company’s equity at the time the loan is granted.
  • The capital loan share may be up to 67% of the project to be financed.
Loan period
  • In general, from 3–5 years, but not exceeding 10 years.
  • The grace period is up to 3 years, but not exceeding 7 years.
Interest rate

In general, from 7.5–15%. The final interest rate depends on the risk level of the project and the guarantees.

Contract fees
  • The contract fee is up to 1% of the loan amount.
  • he contract amendment fee is 0.2% of the loan balance.
Loan recipient’s main obligations
  • To submit quarterly activity and financial statements to KredEx.
  • To appoint a representative of KredEx to the company’s supervisory board at the request of KredEx.
  • To agree to any additional commitments, investments, and transfers of assets above the contractual limit.
Premature termination of loan agreement:


The loan recipient notifies KredEx of their request to terminate the loan contract at least 3 months in advance. If the loan recipient wants to repay the loan

  • less than 24 months after the date of granting the loan, 12 months’ interest will be added to the repayable part of the loan as a contractual fee
  • 24–36 months after the date of granting the loan, the interest calculated as a contractual fee for the missing 36 months will be added.

Good to know

  • If it is desired to take a bank loan as well as a capital loan in order to fund a business plan, it is advisable to contact the bank at the same time as making the inquiry to KredEx so that we can coordinate the loan conditions.
  • Find out more about Enterprise Estonia’s services for businesses here.

Application process

To apply for a capital loan, please fill in the capital loan application form on the website of Attach the following document to the application:

  • business plan
  • financial projections covering at least the loan period
  • (audited) annual report for the last financial year and an interim report less than two months old for the current year
  • 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]