Roundtable where Finnvera and its key sectoral partners strengthen cooperation and increase information sharing during the crisis. One of the most important factors for all parties during this pandemic is to ensure correct SME financing to enable entrepreneurs’ financial capability to raise and grow their businesses post-pandemic.

Organization implementing and funding the solution

It was started and is supported by the Financial Supervisory Authority (FIN-FSA) and Finnvera acts as a convener/chairman of the group.

Start & end date of the solution

Since April 2020, and continuing.

Who participates

  • Finnvera
  • Ten representatives from Finnish lender banks; OP Bank, Nordea, Danske Bank, Säästöpankki group, Aktia, Handels Banken, Oma Säästöpankki, POP Pankki, SEB

Main aims of the solution

  • The aim of this group is to share information and knowledge, which helps Finnvera and its partners to create new solutions and develop old ones to serve and help SMEs during and postcrisis.
  • This group facilitates quick information sharing and enables all parties to develop their operational focuses where and when it is most needed during the crises.

Mechanisms of the solution

  • Virtual meeting on a monthly basis
  • The memo and any other presented information during the meeting are shared to all participants after the meeting

Results achieved so far

  • Quantitative: Approximately 9 virtual meetings have been held since April 2020.
  • Qualitative :
    • Finnvera has been able to share real-time information about its COVID-19 solutions and has increased knowledge of its key partners’ market segment, products and process development.
    • Key partners have gained real time information of Finnvera’s COVID-19 solutions to be able to share it within their organizations.

Main lessons learned

  • Collaboration groups of this sort provide very valuable information to all attendees and enables parties to evaluate their own operations from a cooperative point of view.
  • It provides solid and secure surroundings for open discussion with all attendees, supports benchmarking, and strengthens cooperation.
  • This is a “one of its kind” forum where many sectoral organizations are represented and are actively collaborating to help SMEs throughout the crisis.

Sustainability of the solution and potential to be replicated  

Partners have suggested continuing this initiative in the post-pandemic period and re-thinking the potential new scope based on the needs at that stage, as they think information sharing through it is invaluable.