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  • 19. December 2006

    Apartment buildings are allocated 48 million kroons for reconstruction work

    The Minister of Economy and Communication ratified the allocation of an additional 48 million kroons to KredEx to distribute grants to apartment buildings. Out of this sum 45 million is meant for reconstruction support and 3.25 million to technical inspection support. KredEx will open the intake of new grants on January 10, 2007.
    According to Mirja Adler, the Head of KredEx Housing Division, from now onwards the applications can be submitted only by registered mail and it no longer is possible to bring them straight to KredEx. “As the budget of grants was met in March already within a couple of hours, we advise every applicant of support post his/her petition on the morning of January, 10th. The resources for technical grant applications are evidently likely to last for a longer period," noted Adler.
    KredEx lists the applications according to their posting time, obtained from the Estonian Post. According to prognoses it takes minimum a week to find out about the exact order, after that an accurate list of applicants, receiving the support from additional budget will be made public at the home page of KredEx. The petitions that do not fit into the budget will be not processed. KredEx will inform of the end of fiscal means immediately at its web site. The following means for apartment building grants will be allocated from the State Budget of 2007.
    The second vital change is that the petitions of reconstruction grants can be submitted from now onwards only to completed and paid work, except for using the builder instalment pay when the last payment has been made before November, 30 of the current year. Also up to 50% of the present budget will go to apartment buildings in Tallinn. All the updated grant application requirements and new application forms are available at KredEx home page – www.kredex.ee.
    There are about 700 petitions totalling 24 million kroons pending at the moment in KredEx from the petitioning round that took place in March that begun to be processed from today. According to the prognoses of KredEx all the pending petitions will be decided upon finally within the first quarter. 2006. In 2006 the apartment buildings submitted to KredEx over 1500 applications for reconstruction and technical inspection support, totalling about 41 million kroons. Out of this sum 12 million kroons have been paid out to 733 apartment buildings. Within the whole period of activity KredEx has provided reconstruction and technical inspection grant to over 4000 apartment buildings totalling about 72 million kroons
  • 13. December 2006

    Forced tenants will get aid from KredEx

    The local municipalities got from KredEx national grant to solve the issues related to forced tenants and new workforce arriving into their region. 2006. 9 local municipalities got their grant of 10.5 million kroons within the framework of the third application round of increasing the municipal rented dwelling fund support in 2006.
    According to Mirja Adler, the Head of KredEx Housing Division, the aim of grants is to solve the issues of forced tenants dwelling in restituted houses and support the regional development of the country. As the reception of a grant assumes the local municipality itself also financing the project at least in the range of 50%, the demand for grant has not exceeded the budget limit at the present year. All the local municipalities, whose petitions met the required conditions, obtained the grant.
    The budget of the third application round totalled 22 million kroons, out of which 20 millions are channelled to solve the housing problems of forced tenants and 2 millions to solve the housing problems of new workforce arriving to the area. About 11 million kroons of the third round grant sums remained unused. This sum is going to be added to the budget of the following round.
    5 local municipalities (Tallinn, Kose, Põltsamaa, Rakvere and Pärnu) submitted their petition to solve the problems of tenants dwelling in restituted houses. The local municipalities of Tallinn (8 million kroons) and Kose (729 thousand kroons) got the biggest grants. Grant petitions were granted fully, except the one of Pärnu Municipality that did not meet the requirements of grant request. 5 local municipalities were granted a subsidy to solve the housing problems for the new workforce arriving to their region – Narva (657 thousand kroons), Põltsamaa (455 thousand kroons), Tapa (138 thousand kroons), Pühalepa (202 thousand kroons) and Mäksa (46 thousand kroons).
    The maximum sums of grant of the given round were 8 million kroons to the tenants of the restituted houses to create their rental spaces and 800 000 thousand kroons to create rental spaces for new workforce arriving to the area. The minimum required input of the petitioner made up 50% of the total cost of project. All the local municipalities can apply for the grant, in case of new workforce arriving to the region except for Tallinn, Tartu and Pärnu.


  • 29. November 2006

    Specialists are in search of energy efficiency options for buildings

    Today, on November 29th, KredEx in cooperation with the Ministry of Economy and Communication is organising a conference "Energy Efficiency Options in Buildings". The conference will be held at the conference centre of Reval Hotel Olümpia and Minister Edgar Savisaar will open the event at 10 AM.
    According to the statement of Mirja Adler, the Head of KredEx Housing Division, a prevailing majority of Estonian buildings are energetically inefficient, therefore our heating costs are up to 45% bigger than in neighbouring countries with similar climate (e.g. in Finland, Sweden). Adler commented: “In order to find the solutions to improve the energy efficiency of Estonian buildings the cooperation between the specialists of energy efficiency field and learning from the experience of the other countries is vital.”
    The goal of the conference was to bring together experts related to building usage from Estonia and Europe to exchange the experience, knowledge and information related to energy efficiency of buildings. In the framework of the conference it is suggested to provide the Estonian specialists with an opportunity to learn about the experience, practice and successful projects of the other countries to apply the knowledge in the process of making the Estonian buildings more energy efficient.
    The conference is targeted to specialists in the field of energy efficiency: the representatives of local authorities, energy auditors, administrators, projectors and construction engineers. 120 participants are expected to the conference. Among several specialists also Andres Jaadla, the Mayor of Rakvere, Märt Ots from the Energy Market Inspection, Elari Udam from the National Real Estate PLC and Priit Enok from Intelligent Energy Executive Agency will perform at the conference.
  • 15. November 2006

    Renovation of apartment buildings gains ground

    As of the end of the present October about 90 apartment buildings have been renovated with KredEx loan guarantee for 39 million kroons. In addition to apartment building loan, guarantee the reconstruction and technical inspection aid of KredEx has helped in total over 4000 apartment buildings for 63 million kroons.
    According to Mirja Adler, the Head of KredEx Housing Division, the awareness of inhabitants and their understanding about their apartment building and its maintenance has undergone a considerable increase within the years. “People have started to realize that their home does not end with their apartment door and repairing their home will improve both their living quality and the value of the apartments in the house. Also the expenditures on renovation are smaller in the longer perspective than the sums paid for heating in a not renovated house, as a renovated house is also essentially more energy efficient - according to the data of KredEx it is possible to save even up to 45% of heating cost by getting the apartment building renovated", noted Adler.
    As the apartment building residents are generally unable to finance any bigger renovation work out of their own resources, bank loan and also KredEx guarantees are used for renovation. KredEx guarantee provides the apartment building dwellers in case of payment difficulties also an option to have a year of payment leave and during that period hand loan payment over to KredEx. The apartment building has to pay the required sum back to KredEx at the latest within a year after the end of loan. Although the sums required for the repair of house are big, a part of renovation work costs is included surely already in the obtainable energy efficiency and therefore the payment load of residents may not even increase significantly after taking the loan.
    The apartment buildings make most of repair work to improve the living conditions of their residents and make the apartment building more energy efficient (like e.g. renovation of the roof and the façade, replacement of the windows and the doors, reconstruction of electrical system, renovation of water and heating system etc.).
  • 01. November 2006

    KredEx Energy Efficiency Consulting Centre helps the apartment buildings save their heating cost

    Last week KredEx started a social advertising campaign with the message: “How to save the heating cost?” The aim of the campaign is to enhance the awareness of residents in energy efficiency field, referring to the fact that the renovation of an apartment building can help the people decrease their heating cost considerably. Also the inhabitants of apartment buildings are informed of a possibility of free energy efficiency counselling, provided by the KredEx Energy Efficiency Consulting Centre.
    According to KredEx data it is possible to achieve energy efficiency in a repaired apartment building and save up to 45% of a heating cost, amounting to 450 kroons per every 1000 kroons. The Energy Efficiency Consulting Centre of KredEx provides the inhabitants of apartment buildings with information about the energy efficiency options and decrease of heating cost, sharing also the tips about the energy efficiency related renovation and reconstruction work. For a free tip one must turn to the KredEx Energy Efficiency Consulting Centre by phone 6 819 954, e-mail esk@kredex.ee or visit the home page www.kredex.ee/esk.
    According to Heikki Parve, the Project Manager of Energy Efficiency Consulting Centre, an increasingly growing energy cost has not only induced, but downright forced the dwellers to improve the insulation of their houses. Additional insulation is economical both at individual and national scope, as well as improves the microclimate of the rooms. In addition we also advise you to adjust the heating and ventilation system. “As most apartment buildings start their major repair works in spring, the fall and winter are precisely a right time to make plans for the next year. In order to obtain maximum energy efficiency with repair works it is advisable to consult a specialist first who would advise what to do and in which order to proceed," commented Heikki Parve.
    Energy Efficiency Consulting Centre has mainly a guiding role, with an aim to introduce the application of apartment building energy efficiency measures and administer all the apartment building energy efficiency field related information.


  • 03. October 2006

    Successful entrepreneurs can get an unsecured loan from KredEx

    Since today, October, 3 it is possible for the Estonian small-scale and medium companies to obtain an unsecured capital loan from KredEx. It is a totally new course of action for KredEx, for the foundation has thus far issued no loans.
    Capital loan is a loan for companies that have been active for a while, are successful and developing fast and in need of additional capital to enlarge their activities, but do not meet the criteria for getting a bank loan of a required size.
    According to Andrus Treier, the CEO of KredEx, the companies are at a sudden boost of marketing volumes in need of capital where the content of the investments made and costs cannot be determined single-handedly and regular bank products are not suitable or do not cover the need that has emerged. Also the reluctance of the entrepreneurs to include external investors, who would reduce the decision-making power of the so far active owners, is well known.
    Similarly to a company owner, KredEx gives capital to the disposal of the entrepreneur, without demanding any security for it. At the same time there is no intervention to the company management as a rule. As a capital loan must be generally returned at the end of the loan period, in the eyes of the bank the capital loan increases also conditionally the equity capital of the company that in its turn enables the company to take an additional bank loan and develop fast. In order to obtain a loan, first of all the company leadership and owners are a decisive factor, who should be experienced in their field and able and willing to invest additionally in the company in case of hardships. The purpose of a capital loan can be merging of companies, takeover, acquiring the share in a company by the management members, developing new products and other analogical activities.
    Namely the fast developing companies, who have reached the so-called second phase of the company development cycle, where it is necessary to invest more into research and development activity, products development or finance the business extension plans, its entrance to new markets or market segments for further boost in growth, are in need of increasingly more additional capital. All that demands already big investments and as a rule insufficient collateral security (e.g. equipment and facilities are often already pledged or their value is insufficient for sums needed for expansion) makes financing difficult. Also the low level of self-financing, being insufficient in the eyes of the bank for issuing the loan, is often a hindrance.


  • 13. September 2006

    Employers get to know the risks of Eastern Europe

    On Thursday, September 14, an “Eastern-European Export Seminar” arranged by Hansa Liising and KredEx, will be held at Laulasmaa conference Centre. An overview of the peculiarity of the eastern market, risks accompanying various export deals and their management will be given at the seminar.
    The aim of the seminar is to summon the specialists of Eastern European market and export enterprises to exchange the experience and knowledge on the peculiarity of the market and the probable issues. The seminar discusses the role of eastern trade in Estonian economy, management of credit risks accompanied by export; also an overview on the current situation on Russian economy and import is given, and the experience of the exporter at the eastern market is shared.
    According to Ivar Kõllo, the Director of Hansa Liising Factoring and Storage Financing Division, Estonian exporters have recently begun to sell more of their products to Russia, Ukraine and other former SU countries. “When a great percentage of the sales took place in the near past and happens also now at the terms of prepayment, the pressure of foreign buyers to exporters to enable them namely the credit terms for product purchase has been observed increasingly more. Enabling the credit terms to the purchaser is often one of the biggest competition advantages and often even a prerequisite to stay competitive,” finds Ivar Kõllo.
    According to the assessment of Jako Kruuse, the Head of KredEx Export and Enterprise Division, the exporters face mainly the liquidity issue and credit risk, likely to result in the loss of money for the exporter due to payment difficulties or unwillingness of the purchaser. “It can be avoided by export factoring with the KredEx export guarantee. When the exporter submits after supply its accounts to the factoring company, it is able to get immediately up to 90% of the sum. In case the money does not come in from the purchaser, it has to bear a loss in some cases, but while using besides the factoring also the export guarantee, KredEx will bear a loss in case the bill will not be paid for", explains Jako Kruuse.
  • 08. September 2006

    The percentage of housing loans with KredEx sponsorship has undergone a considerable decrease

    As of the end of August of 2006, young families and specialists have taken with the aid of KredEx loan guarantee in total 582 million kroons of housing loan from the banks. 797 young families and specialists have obtained themselves a new home in 2006 with guarantee. It makes up only 2.85% out of all the housing loans issued in Estonia.
    With the boost in real estate prices the volumes of housing loans issued in Estonia and also the average loan sums sponsored by KredEx have been growing annually. If the average loan sum of 2000 was about 215 000 kroons, it has been increasing annually about 23%, amounting in 2006 already to 733 500 kroons. At the same time the proportion of KredEx loan guarantee of all Estonian housing loans has undergone a considerable decrease. If the loans issued with KredEx loan guarantee formed 29% out of all the housing loans in 2001, in 2003 the respective percentage was already 18.5% and in 2006 the given ratio fell already down to 2.85%.
    By the Head of KredEx Housing Division, Mirja Adler, the primary cause of a constant fall in KredEx loan guarantee is a close competition between the banks, resulting in a constant simplification of the loan conditions and decrease of the self-financing requirement of banks. "Of course a tremendous increase in real estate prices is also a problem for several individuals from the KredEx target group, therefore it is hard for several young people to collect even 10% of their own financial leverage, " comments Mirja Adler. Also the fact that the loan guarantee of KredEx have been channelled to a relatively narrow target group must be considered.
    KredEx has been issuing housing loan guarantee for young family, young specialist and leaseholder dwelling in a restituted building since 2000. During this period 16 000 young families and specialists who have taken 6.8 billion kroons of housing loan with KredEx guarantee have obtained their home by guarantee.
  • 04. September 2006

    KredEx supports turning the apartment building more energy efficient with 1 million kroons

    KredEx chose within the BEEN (Baltic Energy Efficiency Network for Building Stock) project the winner of the Estonian apartment building competition “Refurbish your apartment building more energy efficient ” whose reconstruction work will be supported with 1 million kroons. The winner of the competition was a house of 59 apartments at Paldiski mnt 171, in Tallinn.
    The search for a suitable house started already at the beginning of May when KredEx proclaimed within the BEEN project a competition with an aim to find an apartment building in Estonia that would be ready to realize in it complex reconstruction work to obtain maximum energy efficiency.
    Three applications were submitted to the competition and all came from Tallinn apartment buildings. An essential choice criterion was a willingness to invest at least 5 million kroons into reconstruction work. The house had to be built according to a typical project and be with minimal previous renovation.
    According to the statement of Mirja Adler, the head of KredEx Housing Division, the number of the submitted applications was so small first of all due to a 5 million investment requirement. Apartment buildings are being renovated in Estonia with zest, but usually only one or two bigger jobs will be taken at a time, not the complex reconstruction of the whole house. The primary cause of it is the lack of fiscal resources or a fear of a big loan.
    The Paldiski mnt 171 apartment union proved to be the most suitable of the projects submitted to the competition. By now KredEx has also made an agreement of collaboration with it. According to agreement the reconstruction work of heating system, roof, façade and ventilation will be made in the apartment building within the BEEN project in 2006-2007, with an aim to achieve the maximum potential energy efficiency. Ehitusseire LCC coordinates meeting the goal as a project leader, carrying also out the task of owner supervision.
    The competition and reconstruction work of the house will be realized within the INTERREG III project of Baltic Energy Efficiency Network for Building Stock (BEEN).


  • 31. August 2006

    Small and medium sized enterprises have invested over 2 billion kroons with the help of KredEx

    Since 2001 companies have invested more than 2 billion kroons into their business activity by KredEx loan guarantee. During the first seven months of 2006, Estonian small and medium sized companies have taken 365 million kroons of additional loan from banks with the help of KredEx loan guarantee.
    As of the end of July of the current year, 192 business loan guarantee applications have been submitted to KredEx, out of which 138 are new sales and 54 the changes of previous guarantee contracts. Out of the submitted applications 125 loan guarantees have merited a positive decision by today. Companies use the guarantee of KredEx to the greatest extent to obtain investment loan from bank, making up over 60% of all loan guarantees. The guarantee of bank overdrafts and circulation loans follow investment loans in equal shares.
    According to business prognoses there is a plan to create 720 additional jobs by the loans for which guarantee was provided within seven months of year 2006. During its total period of operation, the loan guarantee of KredEx has helped Estonian companies create over 3700 new jobs. KredEx has continually guaranteed most loans for small enterprises with up to 10 employees, making up 60% of all the issued loan guarantees. Regionally, the most active loan guarantee applicants are still companies from Tallinn and Harjumaa, having taken about 70% of all the loans for which guarantee was provided.
    According to fields of activity, guarantee for loans related to business activity has been provided most, out of which the biggest share belongs to timber and metal industry, followed by food industry and wholesale and retail trade. The target group of KredEx business loan guarantee includes all the fields of activity, except agriculture, fishery, forestry and public sector, also real estate development is not supported.



  • 08. June 2006

    KredEx is looking for a project manager for energy efficient renovation

    KredEx organized a energy efficiency program „Make your building more energy efficient“. The main aim of the program was to find one apartment building in Estonia, which is willing to renovate and reconstruct with the aim to achieve maximum energy efficiency. KredEx in cooperation with the BEEN project supports the reconstruction work with 1 million kroons.

    KredEx is looking for a project manager for the reconstruction works. More information about the project Kristi dot tammet at kredex dot ee


  • 09. May 2006

    From now on banks issue KredEx housing loan guarantees

    Apartment buildings, who want to take a loan to renovate their building and also need KredEx’s housing loan guarantee, can now do all the necessary procedures directly through banks. KredEx renewed its cooperation contracts with Hansapank, SEB Eesti Ühispank, Sampo Pank and Krediidipank, with what banks now have the opportunity to directly issue KredEx’s housing loan guarantees, by easing the issuing procedure.

  • 08. May 2006

    KredEx supports the energy efficient refurbishment of apartment building with 1 million kroons

    Starting from today, KredEx opens a program aimed to Estonian multi-storey apartment buildings to refurbish their house and make it more energy efficient. The aim of the program is to find one apartment building in Estonia, which is willing to renovate and reconstruct with the aim to achieve maximum energy efficiency. KredEx supports the reconstruction work with 1 million kroons.


  • 25. April 2006

    KredEx in cooperation with European Commission organizes a enterprise conference

    On 26. April KredEx in cooperation with European Commission organizes a enterprise conference in Laulasmaa conference centre. The conference is aimed at small and medium sized enterprise in order to give information about different financial mechanisms in European Union.

  • 24. April 2006

    KredEx opens an energy efficiency competence-centre

    Starting from 24 April an Energy efficiency competence centre in KredEx will start providing energy efficiency related consulting. The aim of the competence centre is to manage and provide information related with energy saving measures in high-rise residential buildings. More information about Energy efficiency competence centre on the webpage - www.kredex.ee/esk.

  • 19. April 2006

    KredEx supports the local municipalities

    KredEx opens new supports program for the year 2006 to local municipalities in order to purchase, build or renovate apartments for the tenants of restituted buildings in Estonia. Local municipalities who want to apply for the support have to send the application to KredEx before 19. May 2006.

  • 18. April 2006

    KredEx participates in the Baltic Energy Efficiency Network

    BEEN started on 1 July 2005 with the overall goal of developing strategies and instruments that promote and enable the energy efficient refurbishment of the prefabricated multi-storey building stock in the Baltic Sea Region. For further information please see the web-site of the  Baltic Energy Efficiency Network.
  • 05. April 2006

    Seminar for Developing Mutual Understanding

    After Turkey is accepted as a candidate country by EU, TESKOMB has accelerated the EU studies. During the EU accession period, TESKOMB is carrying out many activities and projects.

    In this context, TESKOMB will organize an international seminar in Ankara-Kızılcahamam between 18 and 19 April 2006 with the aim of enhancing the activities of regional unions of TESKOMB within the system. In this seminar, systems of similar credit guarantee organizations and models across Europe will be discussed. As well as that, the best practices and the experiences of selected organizations will be examined.

    During this EU funded Project, 10 speakers from eight different countries who are the members of AECM will explain the systems of the credit guarantee organizations of their countries, discuss the measures that will ease the access of tradesmen and craftsmen to the financial sources and enhance the social dialogue between these countries at EU level.At the same time, AECM which is an umbrella organization of credit guarantee societies across Europe will provide a general framework.

    The representatives from Turkey, Germany, Estonia (KredEx), France, Belgium, Portugal, Italy, Czech Republic will attend the seminar and the opening speeches will be made by Ali COŞKUN, Minister of Industry and Commerce; H.J. Kretschmer, European Commission Delegation Ambassador to Turkey; André Douette,AECM General Secretary and A.Kadir AKGÜL, TESKOMB President.

    As being the first EU Project that TESKOMB has been awarded and the first international organization made by TESKOMB, “Seminar for Developing Mutual Understanding among the Guarantee Societies of Europe” has special importance for the organization.


  • 28. March 2006

    KredEx launches a new export guarantee for EU countries

    Starting from today KredEx offers a new EU-guarantee for Estonian exporters which is specially designed for exporters with smaller export turnover. The guarantee is meant for export transactions to EU and OECD countries.
  • 27. March 2006

    KredEx run out of housing grants for reconstruction faster than expected

    Due to unexpectedly huge demand for housing grants for reconstruction, KredEx has run out of financial sources received from additional state budget faster than expected. KredEx stops accepting applications of housing grant for reconstruction starting from 27 March.

  • 17. March 2006

    KredEx begins to accept applications of housing grants for reconstruction

    Starting from March 15, KredEx begins to accept applications of housing grants for reconstruction. In 2006 KredEx received 17 million kroons from the 2006 state budget for housing grants for reconstruction.

  • 08. March 2006

    KredEx supports local municipalities to enlarge the local housing fond

    KredEx opens new support programm for the year 2006 to local municipalities in order to purchase, build or renovate apartments for the tenants of restituted buildings in Estonia. Local municipalities who want to apply for the support have to send the application to KredEx before 14. April 2006.
  • 07. March 2006

    KredEx celebrated its fifth birthday

    KredEx, which was established in 2001, celebrated its fifth birthday in the end of the February.
  • 02. March 2006

    Export guaranteed for 1, 7 billion

    KredEx guarantees Estonian SMEs export transactions from 2001. Over the course of KredEx’s history, the foundation has guaranteed a total of over 1,7 billion kroon of export transactions conducted by Estonian entrepreneurs. In 2005, the total export volume guaranteed by KredEx amounted to 784 million kroons, having increased by nearly 21% from last year.


  • 22. February 2006

    SMEs’ interest for loan guarantees has increased

    In 2005 a total of 483 million kroons of additional business loans were received from banks by entrepreneurs with the help of a KredEx guarantee, half of which were investment loan guarantees. At the end of 2005, KredEx’s guarantee liability amounted to 439 million kroons. According to the forecasts, a total of 929 jobs are planned to be created by enterprises with the help of KredEx loans.


  • 11. January 2006

    KredEx temporarily stops accepting applications of housing grants for reconstruction

    Due to unexpectedly huge demand for housing grants reconstruction, KredEx has run out of financial sources received from additional state budget for the year 2005 faster than expected. KredEx stops accepting applications of housing grant for reconstruction starting from 13 January.

  • 03. January 2006

    KredEx continues guaranteeing short-term export transactions

    Starting from 2006 KredEx will contienue issuing short-term export guarantees to European Union and OECD countries with certain constraints. Starting from 2006 the European Commission established for state-owned export credit agencies a general exception, allowing KredEx, under certain conditions, to continue providing short-term export guarantees to EU countries.

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