Finora Bank, co-founded by Estonian businessmen Veikko Maripuu and Andrus Alber, has begun operations in Lithuania, promising to bring new financing to the market, particularly for small businesses, the creative sector and the green economy. In the coming months, the new bank will start operations in Estonia.
Maripuu said that financing for small businesses was a serious economic problem.
“Small and medium-sized companies in Estonia, for example, pay more than 75% of labor taxes, create more than 80% of private sector jobs, are flexible and are the best crisis managers overall. However, in our region, banks often deny small businesses the capital they need to grow and expand. Finora’s primary objective is to address this issue,” Maripuu explained.
Alber said that the rather formal methods used by many banks to evaluate businesses did not give a good picture of successful small businesses, and that many qualified candidates did not even have access to larger banks.
Finora Bank is launching initially in Lithuania, where a subsidiary with a pan-European banking license is registered.
“We expect to start operating in Estonia within the next few months as all the necessary legal procedures have been completed,” Maripuu said.
“In the near future, in addition to businesses, loans, leasing and other products will also be available to individuals,” Alber said.
Finora Bank evolved from Finora Capital, an eight-year-old financial institution that had issued loans, leasing and factoring worth more than EUR 100 million in Estonia and Lithuania. Finora is founded by Veikko Maripuu and Andrus Alber and its shareholders include nearly 30 Estonian business people. (ERR/Business World Magazine)