FAQs

Below, you will find a selection of frequently asked questions about applying for financing from Export Credit Norway.

You can apply for export financing through a step-by-step digital process on our website. Among other things, you will need to provide information and answer questions about the purchaser, the exporter/supplier and the product/service being exported/sold. You will also have to confirm that your firm agrees to our rules on anti-corruption, reporting/publication and sharing of information with guarantors. The information you provide is collated in a PDF document which you then confirm electronically by Bank ID signature or by physical signature of a paper copy.

 

If you apply for export financing, the application has two parts. The first part is typically completed by the exporter, and the second by the purchaser later on. However, the order in which the application is completed is immaterial – the most important thing is that one of the parties submits an application before the export contract is signed.

 

If you apply for ship financing domestic, the application only consists of one part. Both the supplier/shipyard and the buyer/shipowner can apply.

Export financing

Both exporters and purchasers of Norwegian capital goods and services may apply for export financing. Our portfolio encompasses not only ships, ship equipment and oil and gas equipment, but also various types of onshore industry including ICT, infrastructure, renewable energy, environmental technology and aquaculture equipment, among others. An application may be submitted by an interested firm or parties representing the firm, such as an agent bank, facilitator, financial intermediary or lawyer. We have provided financing for export contracts ranging from around one million to several billion Norwegian kroner. We are not authorised to fund transactions involving commodities or consumables.

 

Ship financing

Both supplier/shipyard and buyer/shipping company can send the ship financing application.  The new ship financing scheme applies to ships of 100 gross tonnnes or above – as well as equipment and services for such vessels – which are wholly or partly built at shipyards in Norway for Norwegian purchasers. We can also finance ship conversion. Ship conversion means any conversion of sea-going vessels of more than 1 000 gt on condition that conversion operations entail radical alterations to the cargo plan, the hull or the propulsion system.

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No, no fees are charged in connection with an application for export financing and any subsequent offer. However, the purchaser/borrower will begin to incur costs once loan agreement negotiations begin, for example legal fees and other expenses associated with loan establishment. Export Credit Norway and the loan guarantors may also charge various fees in accordance with market practice, including establishment fees, commitment fee and agency fees. The purchaser will be provided with an estimate of relevant costs before they are incurred.

Export Credit Norway does not charge a fee for the preparation of an indicative financing offer, and seeks to keep transaction costs to a minimum. Before any loan agreement is prepared, the borrower must pay in an advance, or alternatively confirm that it will reimburse Export Credit Norway for any external legal and other costs incurred in establishing the loan. Export Credit Norway and the guarantors may also charge various fees, including establishment fees, commitment fees and agency fees. This is common market practice for loans of this type. The effective interest rate will thus be composed of the following:

  • the interest rate charged by Export Credit Norway
  • the guarantee premiums payable to GIEK and the banks
  • transaction costs relating to legal and any other external advisers
  • any fees charged.

The length of time between application submission and loan disbursement varies depending on several factors, not least the complexity of the project, legal conditions in the borrower’s home country, the borrower’s creditworthiness and the guarantors’ requirements and terms. We seek to process loan applications as quickly and efficiently as possible. The most time-consuming aspects of the process are normally the guarantors’ credit assessment of the borrower, the loan agreement negotiations and gathering and completing the loan documentation. Loans are generally disbursed at the same time as the good or service is delivered to the purchaser, or immediately afterwards.

In most cases, it is sufficient for one exporter to complete the application and include the names of the other exporters. Please contact one our customer advisers for further assistance.

Exporters who apply should have: 

  • A copy of any agency agreement (if applicable).

Purchasers (borrowers) who apply, should have:

  • The annual accounts of the borrower or any relevant parent company for the past three years.
  • Budget and cash flow forecasts for the borrower or any relevant parent company for the next three years.
  • An organisational chart showing the shareholders in the company. We need information on all natural or legal persons who directly or indirectly own more than 25% of the shares in the company.
  • A certified certificate of registration.

From 10 to 45 minutes. We recommend having the necessary documents available on the computer.

Export Credit Norway provides export financing for capital goods and services including ships, ship equipment and oil and gas equipment, as well as for various types of onshore industry including ICT, infrastructure, renewable energy, environmental technology and aquaculture equipment. Accordingly, we are unable to finance transactions involving commodities or consumables.

Information you enter in the application form is stored locally in your web browser. However, you must then use the same computer and web browser for subsequent work on the application.

Yes, you can. However, we would recommend that you provide as much information as possible to ensure an efficient application process.

Yes, you can download the completed application once you have finished

Export Credit Norway receives all applications in digital form once they are completed, regardless of whether they have already been signed. However, GIEK requires a valid signature before beginning its credit assessment.

You can sign your application in two ways:

1) Digitally using Bank ID. You do this at the time you submit your application, using the same procedure as in your online banking solution.

Alternatively:

2) Print out a copy of your application (which you will receive automatically by email after submission), sign it, scan it and send it to Export Credit Norway by email.

For export financing this varies depending on the purchaser and the purchaser’s home country. In more complex transactions, or in developing countries with weak legislation, transaction costs may be high relative to the loan amount. We have provided financing for export contracts ranging from around one million to several billion Norwegian kroner.

The application form includes explanations of all requested information. Click on the question marks in the application to view the explanatory texts.

No, unfortunately previous applications cannot be reused.

The amount of information we request varies throughout the application form. Most fields only require a name, date or amount. Other fields allow you to include more text. The more information you provide, the quicker our processing of the application. Towards the end of the application form, there are special fields for you to upload and include additional information you consider relevant.

The application solution is designed for PC users, and we do not recommend using a smartphone or tablet, as various documents have to be uploaded.

The documentation requirements imposed on applicants are based on international agreements, Norwegian law and guidelines and best lending practice. The most important requirements are that:

  1. The export contract includes sufficient Norwegian content.
  2. The exporter has capacity to deliver.
  3. The purchaser is sufficiently creditworthy.
  4. GIEK can share credit risk with banks or the exporter.
  5. Sustainability and compliance with ethical standards and relevant legislation are ensured.

Export Credit Norway’s loans must be guaranteed by GIEK or another financial institution. Export Credit Norway and GIEK use a joint application form for contracts valued at less than NOK 100 million. In other cases, a separate application has to be submitted to the potential guarantors.

The length of time between application submission and disbursement depends on several factors, including the complexity of the project, legal conditions in the borrower’s home country, the borrower’s creditworthiness and the guarantors’ requirements and terms.

Export Credit Norway seeks to process loan applications as quickly and efficiently as possible. The most time-consuming aspects of the process are normally the guarantors’ credit assessment of the borrower, the loan agreement negotiations and gathering and completing the loan documentation.

Loans are generally disbursed at the same time as the good or service is delivered to the purchaser, or immediately afterwards.

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The process is generally as follows:

  1. The exporter applies for export financing (part 1) via the Export Credit Norway website.
  2. The exporter receives a non-binding financing plan which can be sent to the purchaser as part of the sale process.
  3. The purchaser applies for export financing (part 2) via the Export Credit Norway website.
  4. GIEK (and in relevant cases a bank or banks) conducts a credit assessment of the purchaser.
  5. The financing partners undertake various analyses, such as know-your-customer (KYC), anti-corruption and social and environmental impact (if relevant).
  6. Export Credit Norway and GIEK issue an indicative term sheet as the basis for the loan documentation.
  7. Credit approval from GIEK (and any banks).
  8. Credit approval from Export Credit Norway.
  9. The purchaser and Export Credit Norway negotiate and prepare a term sheet, followed by a loan agreement and documentation.
  10. The purchaser submits an export declaration to Export Credit Norway and GIEK.
  11. The purchaser confirms receipt of the goods and/or services and pays a guarantee premium to GIEK.
  12. Export Credit Norway disburses the loan once all the conditions in the loan agreement are met.
  13. The purchaser repays the loan to Export Credit Norway.

Apply for export financing

Succeed abroad with Norwegian financing

Our customers come from all over the world, and purchase everything from ships and subsea technology, to solar parks, hydropower turbines and design services. We deal with the entire loan application process, including commitment, disbursement and monitoring of loans.

Contact us today

  • 22 31 35 00
  • kontakt@eksportkreditt.no
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