Even in a well-planned project there may be a need to appoint a new person in charge, more time is required or the costs have exceeded the budget. For most project changes, you will need advance consent from Business Finland, but in some cases a notification will suffice. Discuss significant changes in large projects with your contact person in advance.
Complete the change application in the online service on the "Changes" tab. You can select more than one change for the same application. Under "Other changes", you can indicate, for example, a change of the decision's event condition, a suspension of the project or a change in the public research steering group.
The change application can be submitted by the accountable project leader or a person with the right of representation entered into the Trade Register or separately notified to Business Finland.
The accountable project leader reports a change in the project's contact person or the cost statement contact person by sending a free-form message to Business Finland's record office.
Ensure that the right people have access to the project information in the online service.
Contact a Business Finland financial expert well in advance on any changes related to your organization:
The company to which you wish to transfer your project will be subject to the same evaluation process as companies applying for new funding. If the transfer of the project is approved, the company taking charge of the project has to accept the funding decision and its terms and conditions using template Y1.
Business Finland loans are usually unsecured loans. If the project is at risk of failure or the utilization of its results is considerably delayed, you may apply for an amendment to the loan terms. In the first instance, the loan period will be extended.
For especially weighty reasons, the loan period may be extended to at most 20 years and grace period to at most 10 years. The loan period and grace period may be extended by at most 3 years at a time. When the grace period is extended for less than the loan period, the repayment period increases and the annual instalment decreases. The loan period may be extended to permit the company to defer repayment of the loan until the project's technological and commercial success can be determined with more reliability.
If the financial utilization of the project or its results fails, the remaining principal and interest may in exceptional cases be waived in part or in full. Repayment may be waived up to the maximum amount of funding specified for the project. The estimated maximum amount of funding is stated in the funding decision. Repayment of the loan principal may not be waived for Young Innovative Companies funding decisions made before 15 February 2018.
The loan period cannot be extended nor repayment waived solely because the project's intended impacts, as declared by the company during the application phase and indicated in the funding decision, fail to materialize or because the company is in a poor financial situation.
Please submit a free-form application and necessary appendices to Business Finland's record office.
Answer the questions below in your application. On the basis of the application, Business Finland evaluates whether the repayment of the loan can be waived or the loan period extended. If necessary, Business Finland requests further information.
Basic information on the project
Realization of the project
Marketing of the product/business
Business resulting from the project
Amendments to the loan period must be made before loan installments fall due. Before submitting an amendment application, a payment plan for due loan installments must be negotiated with the State Treasury.
If the loan or interest fall due for payment while the application for a loan amendment is being handled, the State Treasury will send the customer an invoice for these. However, due payments will not be referred for debt recovery before Business Finland makes a decision on the loan amendment. Business Finland will inform the State Treasury that a loan amendment application has been submitted.
It is recommended that the interest due is paid to avoid incurring interest for late payment.
The practical arrangements for loans granted by Business Finland are responsibility of the State Treasury. If you have questions about the State Treasury's bond, please contact Treasury's Research and Development Loans Customer Service, contact information at the end of the page.
Amendments to the loan terms and conditions are regulated by Government Decree 1444/2014.