Tallinn Enterprise services

The Tallinn Enterprise Board is a public authority that supports the development of entrepreneurship and the economic environment in the capital. ettevotja.tallinn.ee

Tallinn Business Department offers good advice on how to start a business, provides a good opportunity to learn the basics of entrepreneurship, supports you in presenting exciting products or services at local fairs, and provides financial support to find the tools you need to create modern jobs and fresh ventures.

tallinnaettevõtluse

Información general
Vabaduse väljak 7 at the Tallinn Business Department:

Monday from 8.15am to 5pm
Tuesday, Wednesday, Thursday from 8.15am to 5pm
friday 8.15-14.00

* Consumer information desk
* Business consultancy

In addition:
* Trade and service issues
* Advertising tax issues
* Sales tax issues
* Tourist Information

Development Finance Institution ALTUM

Since April 1, 2018, the Social Enterprise Law has been in place in Latvia, defining the concept of social enterprise, procedures for obtaining the status, procedures for registration and supervision of social enterprises and responsible institutions, as well as advantages and incentives for social enterprises. A unique opportunity in Latvia – a state support program implemented by the European Social Fund by the Ministry of Welfare and the Development Finance Institution ALTUM.

While registering with the Social Enterprise Register of the Ministry of Welfare, you can receive corporate income tax relief, but local governments can grant real estate tax relief, get free use of property or property of a public person, as well as attract volunteers. To start or expand a social business, ALTUM financial support in the form of a grant from EUR 5,000 to 200,000 for investment, working capital is available. EUR 12 million are allocated for support, to be provided by 2022.

INVEGA

INVEGA manages financial instruments financed by the European Structural and Investment Funds and resources returned allowing small and medium-sized enterprises to start or expand their activities with a soft loan. Different types of loans provided by financial institutions are offered under different conditions. The best option to enhance SME’s access to finance is chosen according to the amount of the financial support needed and payment provisions.

Soft loans under the instrument Entrepreneurship Promotion Fund 2014—2020 offers the best conditions for newly established and young businesses with financing up to EUR 25,000.

Soft loans provided under the instrument Open credit fund 2 are designed for business development (both investment and working capital loans) and offers SMEs financing of up to EUR 600,000.

Instrument Risk-shared loans financed by the European Regional Development Fund offers loans for SMEs of up to EUR 4 million. The instrument is based on the principle of lending with the proportion of 45:55, under which the RSL Manager contributes by 55% of its own funds to 45% of the RSL loan/credit line share.

We issue loan guarantees

Businesses applying to banks and other credit institutions for loans to start or grow their business often face the challenge of collateral not being attractive or adequate enough for the bank or credit institution. INVEGA helps to overcome this challenge by offering individual and portfolio guarantees to financial intermediaries covering up to 80% of the credit.

Export credit guarantees issued by INVEGA help expand export markets in countries of non-marketable risk and grow export volumes by minimising the potential risks stemming from default by a buyer by covering up to 90% of the actual losses when a buyer fails to pay as provided for in the contract, or when a buyer goes bankrupt.

We provide global grants

INVEGA offers global grants aimed to facilitate SME’s market take-up and development, especially at the initial stage of self-employment, as well as help businesses save on daily expenses:

With the instrument Partial financing of Loan Interest INVEGA provides businesses compensations of up to 100% of the interest paid.

Borrowers of soft loans under the financial instrument Entrepreneurship Promotion Fund 2014–2020 are eligible for compensation of up to 75% of labour costs for every employee working under an employment contract with the instrument Business Start-up Subsidies.

Partial financing of staff training under the instrument Competence Voucher offers compensations of up to EUR 4,500 for training over a period of 12 months.

Businesses can receive compensation of their counselling expenses on export, business start-up and development or more efficient use of resources and conservation of natural resources with the instruments Expo Consultant LT, Eco Consultant LT and Business Consultant LT.

We create venture capital funds

INVEGA aims to grow Lithuanian venture capital market and broaden the availability of capital for start-ups and growing private Lithuanian companies. Venture capital funds together with partners-private investorsprovide investments and financial advices.

Baltic Innovation Fund launched by the EIF in close co-operation with the Governments of Lithuania, Latvia and Estonia aims to boost equity investments made into SMEs with high growth potential. Currently, the Fund invested into 5 funds: BaltCap Private Equity Fund, BaltCap Private Equity Fund II, BPM Mezzanine Fund, Livonia Partners Fund and Karma Ventures Fund I.

Venture Capital Fund is intended to promote the transfer of ideas generated in research and higher education institutions to business (commercialisation) and ensure greater availability of capital to micro, small and medium-sized enterprises developing products in high-technology sectors along with expert assistance in identifying innovative technology ideas having commercial potential.

Venture capital funds established by INVEGA together with its subsidiary UAB Kofinansavimas: Co-investment Fund designed for micro and small enterprises operating for up to 5 years since their registration that have limited access to business financing offered by banks. Co-investment Fund II designed for the development of the Lithuanian venture capital market, growth of new participants of the venture capital market, thereby increasing capital availability to new prospective Lithuanian companies that have limited access to business financing offered by banks. Co-investment Fund RDI aims to help the commercialisation of ideas generated in scientific and research institutions through the implementation of research, development and innovation (RDI) activities.

Business Angels Co-Investment Fund is intended to finance the diversified portfolio of co-investments with business angels and other private investors made from the seed to the development stage.

Enterprise Lithuania

Enterprise Lithuania is a non-profit agency under the Ministry of Economy and Innovation established to promote entrepreneurship (including social entrepreneurship), support business development and foster export. The team at Enterprise Lithuania is a reliable adviser and assistant for start, growth and export of national businesses with focus on SME’s.

Business Finland BEAM program

Business Finland BEAM program is a funding program that supports finnish enterprises, non-profits, research organizations, universities and vocational schools innovation development, piloting and demonstrations, that aim to progress developing countries’ wellbeing and at the same time build business for Finland. BEAM is a 5-year program and approx 65 million euros.

Before sending in an application, contact the program coordinators.  (in Finnish)

 

 

 

The Finnish Innovation Fund Sitra

The Finnish Innovation Fund Sitra has a vision of a fair and sustainable future, in other words, the next era of well-being.

The basis of Sitra’s work is a vision of Finland as a pioneer of sustainable well-being. Sustainable well-being means a good life that is lived within our planet’s boundaries – here, now and in the future.

Sitra’s operations are guided by six principles of sustainable well-being, all of which are interlinked. Comprehensive well-being is the goal of all activities, for which the carrying capacity of the earth sets the boundary conditions. Members of society and modes of operation in the economy, in communities, in the development of knowledge and skills, and in administration support these goals.

  1. Addressing well-being in a holistic way
  2. Adjusting to planetary boundaries
  3. Empowering individuals and communities
  4. Moving to a regenerative and collaborative economy
  5. Building competencies for a complex world
  6. Developing inclusive and adaptive governance

+Strengthening resilience

Sitra has developed the Finnish impact enterprise ecosystem and boosted the development of Social Investment Bonds in Finland through many projects in recent years. They’ve also organized impact accelerators for different types of impact organizations.

Tartu Centre for Creative Industries in Estonia

Tartu Centre for Creative Industries (TCCI) was founded on May 14th, 2009 by Tartu City Council. TCCI operates as the coordinator of creative industries in Tartu by providing creative industries related information and training, legal and economic consulting for creative entrepreneurs, as well as business incubation (+ pre- and post- incubation) services. The main focus in on creativity – creativity is becoming the key component in several sectors and this has a focal role in achieving not only economic objectives, but also improving our environment, quality of life, innovation and competitiveness. As a result, creative industries play a considerable role in regional development, tourism and increasing the state’s export capacity. Therefore, social enterprises in creative industry are more than welcome to the business incubation at TCCI.

TCCI is providing office space for up to 40 creative companies.

Innovation Centre Iceland

Innovation Center Iceland encourages innovation and promotes the advancement of new ideas in Icelandic economy by providing active participation and support to entrepreneurs and businesses. Innovation is a prerequisite for diversity in the Icelandic economy and the basis of a strong competitive position of the economy.