Innovation Norway Innovation Loans

Innovation Loans (Innovasjonslån, also referred to as Risikolån) are Innovation Norway's risk-loan instrument for Norwegian innovation projects. The loans are structured as debt with risk-sharing terms that make them suitable for projects where traditional bank financing is not feasible — typically growth-stage SMEs with capital-intensive R&D, market expansion, or commercialisation needs. Loan amounts typically range from NOK 1 million to NOK 50 million per project. Interest rates and security terms are set to reflect the project's risk profile. A 2026 example: Observe Medical ASA received a NOK 15 million Innovation Norway loan in March 2026 to strengthen its cash position and dismantle corporate complexity to focus on core business. Unlike grants, Innovation Loans must be repaid. The instrument is designed as a complement to private capital — typically used alongside equity rounds, venture debt, or bank debt to round out the financing package. In 2023, Innovation Norway's NOK 7.1 billion total support included a substantial loan component alongside grants and guarantees. A typical company financing package might combine NOK 125 million in Innovation Norway loans with NOK 104 million in grants and NOK 15 million in guarantees (illustrative example from cyclenorway.com).

Each grant below is a distinct funding opportunity with its own eligibility, scope, and deliverables.