Business Finland has helped 265 Finnish companies to utilize the EU's recovery funding
So far, Finnish companies have received EUR 365 million of the EU’s recovery funding through Business Finland. Companies use the funding to promote the renewal of the national economic structure and to create a competitive edge based on sustainable solutions.
The global pandemic made the operations of many companies more difficult. To alleviate this, the European Union set up a one-off recovery facility. The purpose of the Recovery and Resilience Facility (RRF) is to revitalize the European economy. Business Finland was commissioned to grant Finnish companies EUR 400 million in RRF funding from the Sustainable Growth Program for Finland.
Funding for many sectors
Business Finland has held more than 20 RRF funding calls in 2021–2023. So far, it has received 781 applications, and around 40% of them have received funding. Funding has been granted for several different sectors. Sectors that have received RRF funding include ICT, the battery industry, energy investments, recycling and reuse of materials, the low-carbon built environment, health and wellbeing, creative industries, and sustainable tourism.
“RRF funding can be used for research and development, but also for investments. The share of RRF funding allocated to investments in Finland has been the third largest out of all EU countries. Companies have invested in new equipment and production facilities,” says Risto Saastamoinen, Project Manager of RRF funding at Business Finland.
“The projects vary in size. The smallest projects are granted less than EUR 100,000, while large ecosystem projects, so-called leading projects, have received the largest funding. The funding for leading projects amounts to around EUR 20 million, of which a certain sum is channeled to the smaller companies involved,” Saastamoinen continues.
The average RRF funding for one project amounts to around EUR 1 million.
Sustainable development is a key criterion for RRF funding
To be eligible for RRF funding, the project must meet the DNSH (Do No Significant Harm) requirement, which means that the project must not cause significant harm to the environment. Every application is examined against six criteria: mitigation of climate change, adaptation to climate change, sustainable use and protection of water resources and marine resources, transition to a circular economy, prevention and reduction of environmental pollution, and the protection of biodiversity and ecosystems.
“Finnish companies have embraced the goals of green transition. Sustainability is an increasingly important competitive factor, and Finland has expertise in this area. This development can also boost the international growth of Finnish companies,” says Nina Kopola, Director General of Business Finland.
Funding for every province
In Finland, RRF funding has been concentrated in the regions with the highest number of companies. Uusimaa, Pirkanmaa, and Varsinais-Suomi are at the top of the list, but all Finnish provinces have received RRF funding.
You can find the projects that have received RRF funding through Business Finland in the open database (in Finnish).
Business Finland will continue to grant RRF funding until the end of this year. The projects will end by 2025 at the latest, after which a report will be drawn up on their results and impact.
Further information
Project Manager Risto Saastamoinen
risto.saastamoinen (at) businessfinland.fi
Tel. +358 40 708 3479
Communications Manager Sanna Nuutila
sanna.nuutila (at) businessfinland.fi
Tel. +358 50 5577 717
