Extraordinary loan guarantee to support the economy



The extraordinary proportionate guarantee can be used by undertakings whose activities have been negatively affected by Russia’s attack on Ukraine, as well as to mitigate the impact of the increase in energy prices.

NB: The extraordinary guarantee to support the economy can only be a guarantee of a new obligation (bank loan, loan limit or overdraft).

The service is closed. Guarantee applications were accepted until 30 November 2023.


  • The secured loan can be used to finance expenditure to mitigate the effects of hostilities in Ukraine and the energy crisis.
  • Loans to mitigate the effects of hostilities in Ukraine can be secured when financing costs arising from the modification of supply chains with the aim of carrying out necessary or accompanying restructuring of the undertaking’s activities.

For who?


established company
exporting company

Service is suitable if

  • during the last three years, the Ukrainian, Russian and/or Belarusian market accounted for at least 10% of the loan recipient’s turnover or the loan recipient was forced to close its entities in those markets, or
  • the prices of the loan recipient’s basic raw materials have increased by at least 50% compared to prices in 2020. The main raw material shall be deemed to be a raw material, the cost of which amounted to at least 20% of the loan recipient’s turnover in 2020, or
  • the loan recipient’s energy costs accounted for at least 3% of its turnover over the past three years.

Compliance with the conditions must be documented.

Important conditions

Main requirements for loan recipients
  • The loan recipient is entered in the commercial register of the Republic of Estonia and has submitted the required data to the commercial register, and
  • Based on the financial projections presented, the loan recipient is sustainable and solvent in the long term, and
  • As at 31 December 2021, the loan recipient was not an undertaking in difficulty, and
  • As at 1 March 2022, the undertaking had no overdue debts to credit institutions or tax arrears on national taxes, or these have been paid or deferred as at the date of applying for the guarantee, and
  • As at the date of applying for the guarantee, the undertaking has performed their obligation to submit tax declarations and annual reports, and
  • The percentage of the loan recipient’s equity in the total balance sheet is at least 25% at the end of the accounting period on the basis of the approved annual report for the financial year ending 2021, and
  • The ratio of the loan recipient’s interest-bearing liabilities (as at the latest interim report of the financial year submitted upon application) and EBITDA, together with the loan to be taken, is below 7 on the basis of the EBITDA of the approved report for the financial year ended 2021.
Extent of guarantee
  • Up to 80% of the loan to be secured
    • up to 60% in financing the working capital of a retail and wholesale trader and in the case of an undertaking operating in the construction sector.
  • The biggest liability of the Foundation is limited to the bank and the lessor under these Terms of Service and does not exceed 80% of the total amount of the guarantee issued by the bank and the lessor in the framework of the extraordinary services.
Guarantee terms
  • The obligation to be secured is a loan, a loan limit and an overdraft.
  • The loan is refunded on the basis of an amortising schedule and the loan balance must be zero by the end of the loan period.
  • The Agency provides a guarantee for the new loan. Refinancing is not allowed.
  • The intended purpose of the secured loan is its use to finance expenditure to mitigate the effects of hostilities in Ukraine and the energy crisis.
  • Loans secured by the Foundation’s guarantee under the Temporary Crisis Framework for State Aid are limited to a total amount not exceeding 15% of the average total turnover of the loan recipient’s three final reporting periods or 50% of energy costs for the month of application in the preceding 12 months.
  • In addition, the loan amount is limited to an amount that does not exceed double the entrepreneur’s wages and salary expenses in the Republic of Estonia, including social tax in 2021.
  • The interest rate of the guaranteed loan cannot be higher than the 6-month EURIBOR + 6% per year (in the given context, the book value of EURIBOR is never lower than 0), and the contract fee cannot be higher than 1% of the amount of the guaranteed loan.
  • The highest guarantee amount for one undertaking is EUR 10 million.
Validity of the guarantee
  • The guarantee is valid for up to 72 months.
  • The guarantee agreement can be concluded and amended under the Temporary Crisis Framework for State Aid until 31 December 2022. From 1 January 2023, the state aid rules applicable to the modification of the guarantee shall apply.
  • The Foundation’s decision to grant a guarantee shall be valid for 30 calendar days unless specified otherwise in the Foundation’s decision, but not longer than until 31 December 2022.
  • The Foundation will be accepting guarantee applications until 30 November 2022, and will processes them in the order of receipt until the grant money is exhausted.
Guarantere fee

Small and medium-sized undertakings:

  • For guarantees up to 12 months, 0.25% of the guarantee balance per year.
  • For guarantees from 12 to 36 months, 0.5% of the guarantee balance per year.
  • For guarantees longer than 36 months, 1% of the guarantee balance per year.


Large companies:

  • For guarantees up to 12 months, 0.5% of the guarantee balance per year.
  • For guarantees from 12 to 36 months, 1% of the guarantee balance per year.
  • For guarantees longer than 36 months, 2% of the guarantee balance per year.
Contract fees

Contract fee: 0.2% of the amount of the guarantee, min EUR 30.

Contract amendment fee: 0.2% of the amount of the guarantee, min EUR 30.

In the case of amendments to technical conditions that do not increase the contract risk, or amendments to terms without economic substance or of low importance, the contract amendment fee shall be calculated as follows: guarantee amount or balance in the amount of

  • up to EUR 50,000: standard fee for the amendment of the contract;
  • over EUR 50,000: EUR 100 + 0.002% of the amount or balance of the guarantee.

There is no fee for terminating the contract prematurely.

Restrictions on the loan recipient

The loan recipient is prohibited from:

  1. paying dividends or making other equity-reducing payments to the owners;
  2. returning loans of owners and third parties subordinated to the obligation provided by the Foundation;
  3. paying management or other similar fees or fees unrelated to business to owners or third persons related to them (payment of wages in a reasonable amount is permitted);
  4. purchasing or selling goods or services at a price different to the market price to owners or third persons related to them.

The loan recipient is obliged to coordinate with the Foundation before:

  1. taking on new debt obligations;
  2. granting loans.
Guarantee will not be granted to the following activities and entrepreneurs:
  • primary production of agricultural products, fisheries and aquaculture, and forestry;
  • financial and insurance undertakings (Section K of EMTAK);
  • manufacturing, processing, and marketing of tobacco (and related products);
  • acquisition of means of transport or equipment used for road freight transport;
  • acquisition of passenger cars. Acquisition of commercial vehicles and non-road mobile machinery is only permitted on the basis of a decision by the Foundation on a case-by-case basis;
  • real estate development and acquisition projects aimed at sale or lease. As an exception, it is permitted to lease out a part of the premises on the condition that the development or acquisition of the real estate takes place for the purposes of other economic activities of the undertakings or their subsidiaries or related companies, and accrual of rent does not exceed 30% of the annual turnover of the undertaking (the restriction does not apply when leasing to subsidiaries and related companies);
  • undertaking operating in the field of gambling;
  • fields related to pornography, illegal data downloading, and provision of illegal access to data networks;
  • research and development in the field of health aiming to clone humans for research or treatment purposes or to develop genetically modified organisms.

Good to know

  • The services provided by KredEx may involve state aid, incl. de minimis aid. Read more HERE in the ‘State aid and de minimis aid’ section.
  • Read more about the Enterprise Estonia services targeted at undertakings HERE.

Application process

In order to use the extraordinary loan guarantee, please contact the bank or leasing company who will submit an application to KredEx for the guarantee. Depending on the size of the guarantee amount and the complexity of the project, it takes up to four weeks to make a guarantee decision.

If necessary, KredEx will contact you

Contact us

Jaak Tikko

Jaak Tikko

Client Manager

jaak.tikko [at] kredex.ee
Tiina Kalme

Tiina Kalme

Client Manager

tiina.kalme [at] kredex.ee
Argo Suurkask

Argo Suurkask

Client Manager

argo.suurkask [at] kredex.ee
Marek T

Marek Tiivel

Client Manager

marek.tiivel [at] kredex.ee