“How can I find a way to finance my business?” might be the question that most entrepreneurs ask themselves several times during their startup journeys. Like a ship needs its sails, a business needs the funding to run and bloom.

Founded in 2015, the aim of *ship has always been to help the talented and brilliant people to achieve their dreams. During the journey, we’ve been lucky to find partners with mutual goals, blowing the sails to keep the “ships” running. This year, we partner with Otsakorpi Foundation – which has decided a brand new Startup Financing to support the ambitious entrepreneurs. 

New Startup Financing available from Otsakorpi Foundation

A private William and Ester Otsakorpi Foundation is ready to introduce a new unsecured loan product for startups based in Kymenlaakso region, South Karelia and North Karelia in Finland. The new product shows Foundation’s over 90 years commitment to supporting entrepreneurship in South-East of Finland and Karelia regions.

Otsakorpi Foundation offers subordinated loans for startups participating in *ship The Startup Festival or similar competition and/or accelerators.

A startup can get max 25 000 euro unsecured loan. Only a matching subordinated loan commitment from another private investor, for instance, an angel investor or entrepreneur him-/herself, is needed.

Terms of the loan are generous: loan period is negotiable, the interest rate is equal to the loan period, and interest is paid only to the original loan amount.  The whole loan and interest are payable at the end of the fixed loan period but it can be paid back earlier.

The application form becomes available at www.otsakorpi.fi. In addition to a very simple electronic form, one just needs to provide max 2-page explanation about the use of the loan, previous profit/loss account and balance sheet, other investor’s signed commitment of matching or bigger subordinated loan, board decision, and company registration.

Otsakorpi Foundation has been following and supporting closely student-driven entrepreneurial activities in the region. The Foundation is proud to support this new loan product with region’s universities of applied sciences, XAMK, Karelia, and Saimia.

Be brave! Find an investor, and Otsakorpi Foundation will match his/her investment to help your startup reach critical early milestones faster.

For further info, you may also contact Research Manager ari.lindeman@xamk.fi at XAMK.