Innovation Norway loan granted
In April 2017 Alginor was granted a start loan of NOK 1.5 million from Innovation Norway. Innovation Norway offers both grants and loans to businesses that are focusing on further development and growth. Businesses with lucrative projects tied to expansion, development, restructuring and internationalization are eligible for the loan.
Alginor’s loan is interest-free for 2 years and payment-free for 4 years. Initially, it is supposed to be paid back after the fourth year.
The loan is fitting for Alginor’s financial strategy, and eases the need for equity during this period, with less watering down of the shareholders. Fewer shareholders means higher value for the shareholders involved. The demand for being granted the loan was a 1 million NOK increase in equity.