Through a new agreement, DNB increases its credit line limits with Eksfin for working capital guarantees from NOK 1 to 1.5 billion. The cooperation between Eksfin and Norwegian banks provides increased access to financing for SMEs with international ambitions. In total, Norwegian banks can offload risk amounting to NOK 5 billion via Eksfin’s working capital guarantees
Public–private cooperation enhances exports
Since the launch of the working capital guarantee product in 2023, Eksfin has guaranteed more than NOK 2 billion of credit lines for Norwegian companies. The offering enables participating banks to provide more export-oriented companies with access to working capital, more flexible operations, and opportunities for increased production. One of the banks that has actively used the scheme is DNB, which has supported exporting companies with new financial facilities.
Through this cooperation, DNB’s SME customers with export-oriented businesses can have half of their credit line guaranteed by Eksfin.
–We want to help as many of our customers as possible succeed internationally, both through capital and advisory. Eksfin is a strong state partner with broad international experience working with global companies. When DNB can share risk with Eksfin for our customers, we see more opportunities to support more clients with working capital, says Marianne Wik Sætre, Executive Vice President at DNB.
– For smaller companies, financing is demanding, and we see that our contribution works best when we link into the relationship the company already has with its bank. Predictable financing gives companies more flexibility, so efforts can be concentrated on their core business, says Ivar Rekve, Director for Ocean Industries and SMEs at Eksfin.
Working capital guarantee used by banks nationwide
The working capital guarantee has quickly been adopted by banks nationwide, Rekve explains. Safeback recently used the working capital guarantee to finance development of a product designed to save the lives of mountain travelers.
–With the working capital guarantee, we gained the flexibility to grow and increase sales. Safeback has increased production capacity and expanded its presence in all main markets, thanks to funding from Eksfin and DNB, says Tor Berge, founder of Safeback.
Sterling Halibut from Rogaland, which rears halibut, has also used working capital to scale production.
– With support from DNB and Eksfin, Sterling can continue to develop and increase its production of quality halibut going forward, giving us the opportunity to meet rising customer demand, says Kjell Stenersen, chairperson of Sterling.
Important support for growing companies
The working capital guarantee is often used by companies that need a certain level of inventory to secure access to production-critical components. There is still significant capacity for working capital guarantees at Eksfin.
– When banks receive a guarantee for part of their lending, the capital requirements for the loan are reduced. This frees up capital within the banks that can be used for other customer relationships and enables account managers to lend to more SMEs, explains Rekve from Eksfin.
Companies themselves do not need to export to obtain guarantees from Eksfin, as long as they are in a value chain that leads to exports.
Head of Ocean Industries and SME