Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure NO-2020-13/727 – Updated – measures in Norway
|Country||Norway , applies nationwide|
|Time period||Temporary, 27 March 2020 – 30 June 2022|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Access to finance
|Author||Aasmund Arup Seip, FAFO and Eurofound|
|Measure added||19 April 2020 (updated 04 February 2022)|
State guarantee scheme for loans to small and medium-sized businesses is a measure aimed at companies and the business sector and have as its main objective to improve liquidity during the period of loss of income. The liquidity situation for large parts of the business community is under pressure as a result of measures taken to reduce the spread of COVID-19 in society. Temporary measures are needed to provide the business community with the necessary liquidity to get through the crisis. On 2 April it was decided that the scheme also will be open the scheme to larger companies, including companies with more than 250 employees.
The scheme means that the state guarantees 90 per cent of the amount in new loans of up to NOK 50 million. It is the banks that operate the scheme, and even grant loans to their loan customers. The scheme applies to loans up to NOK 50 million per company and with a maximum of three years maturity. It applies only to new loans that are granted after the legislation has entered into force and until 1 June 2020. The scheme was intended for companies with up to 250 employees and with less than €50 million in sales, but has been extended to cover to larger companies with more than 250 employees. The state guarantees 90% of the loans under the scheme. Losses should be distributed proportionately (pro rata) where the state and the bank take 90 and 10% respectively. Loans that have already been granted cannot be transferred to the scheme. The scheme is regulated in a new law, and further provisions on which loans will be covered under the scheme will be specified in regulations. The scheme is approved by ESA.
According to Export Finance Norway (Eksfin) , the state guarantee scheme for loans to businesses has a total budget of NOK 50 billion (€5 billion). By 29 December 2021, loans have been granted to a total of 4294 companies under the scheme, with a total of 75,276 employees, spread over 296 municipalities and 460 industries.
|Does not apply to workers||Applies to all businesses||Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Direct consultation outside a formal body||Direct consultation outside a formal body|
Social partners' role in the implementation, monitoring and assessment phase:
Social partners have been consulted regularly during the design and implementation of the measure.
The social partners are supportive of the measure.
Eurofound (2020), State guarantee scheme for loans to businesses, measure NO-2020-13/727 (measures in Norway), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/NO-2020-13_727.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.