The Finnish economy has finally fully recovered from the challenges imposed on the local economy by the COVID-19 pandemic, and entrepreneurs have seized this opportunity to finally realize their business ideas or focus on expanding. According to the official statistics released by the European Central Bank, the yearly volume of equity issued to businesses has gone up by close to 20% between the years 2020 and 2023 – this is a solid indicator of increased investor confidence. Even more importantly, the increased loan volume shows that businesses are open to investing in expansion and innovation.
Thankfully, financing a physical or online business in Finland is now easier than ever, thanks to many loan providers who are open to financing both small and medium-sized enterprises. Today, we will take a closer look at one of the newcomers on the business financing scene – Yrityslaina – and see what sets them apart from other loan provider comparison sites.
Startup: Yrityslaina
Founding year: 2022
Location: Tallinn, Estonia
Problem To Solve by this Startup: Finding the best business financing solutions
Sector: Finance
Yrityslaina takes the incredibly long and complicated process of applying for a business loan and streamlines it for the user, allowing any business that complies with the requirements to apply for a secured or unsecured business loan. The application process is surprisingly easy, and applicants will receive a loan decision within a day or two, leaving behind the weeks-long wait for a response. Yrityslaina focuses on providing a thorough comparison of loan options for small and medium-sized businesses that wish to expand or that need an extra boost to their cash flow.
Additionally, Yrityslaina has gathered a wide selection of resources on its site that allows business owners and entrepreneurs to make informed decisions. From FAQ-type quick answers to any common question an applicant may have to in-depth guides and comparisons about different forms of financing – Yrityslaina covers every topic a Finnish business seeking financing might need to know about and clarifies any doubts about the process in the native language.
The Yrityslaina Team
Yrityslaina combines the ideas of top financing visionaries – years of knowledge and experience have allowed the Yrityslaina core team to create a powerful yet user-friendly way of applying for financing. The team members themselves have faced the classical, frustratingly long process of getting to know the local business legislation, the requirements, and the limits surrounding financing – and Yrityslaina is the solution to finally optimize the lengthy process.
The founders envisioned a platform that would automate and expedite the loan application process while simultaneously giving the applicants guidance every step of the way. After coming up with a general plan, the concept was refined with the help of local business owners, who were more than willing to give their insight to the development team.
As a result, the Yrityslaina loan comparison platform combines a deep understanding of small and medium businesses’ loan needs with an innovative approach to the loaning process. The guidance provided on every step of the process makes it a personalized solution tailored to suit all businesses – no matter whether they are just starting out or seeking to expand. Putting together years of experience in global, European, and local financial markets lets Yrityslaina give meaningful advice to all applicants who wish to be guided through the process.
What does Yrityslaina offer?
If you are just getting started in the business world or need a financial boost to help innovate your products – look no further. Yrityslaina lets businesses compare and apply for business loans ranging from 1000 euros to 50,00,000 euros, and they have three different loan types to choose from:
Secured business loan
Applying for a secured business loan comes with the obligation of offering some of the company assets as collateral, making it a more secure option for the lender. Secured business loans have multiple advantages over unsecured loans, mainly lower interest rates, larger loan amounts, and longer repayment periods. These advantages come with the risk of losing the collateral if the loan cannot be repaid.
Yrityslaina allows businesses to apply for a business loan between 50,000 and 50,00,000 euros using assets as collateral. This gives the applicant the possibility to invest in company growth without being constrained by a short repayment period.
Unsecured business loan
Applying for an unsecured loan does not come with the requirement of providing any collateral or pledging business assets. Instead, the loan decision is based on the company’s previous credit history and income streams. Unsecured loans are usually smaller, with higher interest rates and shorter repayment periods than secured ones. Unsecured loans should be considered by companies that need fast approvals, as it leaves out the lengthy process of collateral appraisal.
Yrityslaina allows entrepreneurs to compare different offers and apply for a business loan of up to 3,50,000 euros without collateral. Still, applicants should be wary of a higher interest rate, which means higher costs in the long term.
Flexible business credit
The flexible credit option gives the approved applicants access to a line of credit ranging from 5000 to 2,00,000 euros. This opportunity gives businesses a chance to smooth out seasonal changes or other fluctuations in the cash flow.
Each applicant is encouraged to contact the support team for help choosing the solution that works for them and their company. Yrityslaina offers examples of loan prices with different monthly installments and loan terms so the applicant can easily calculate their return on investment.
Growth and Future Plans
Even though Yrityslaina is a fairly young business, established in 2022, it has already proven itself as one of the easiest and fastest ways to get valuable information about business loan options in Finland and abroad. The professionalism of the Yrityslaina experts combined with a personalized approach to each application lets every customer feel valued and confident in their decision. Praise from reviewers and satisfied customers will certainly motivate this loan comparison site to grow and evolve, and we are excited to see Yrityslaina climb in the ranks of the top loan comparison sites.