For SEK, this development means that more companies are seeking financing solutions that can support growth and large order volumes. Many small and medium-sized enterprises in the defence sector are facing deals several times larger than their current turnover, often with short delivery times and significant capital requirements.

“This development is fully in line with Sweden’s new defence industry strategy, which emphasises the need for more strong defence suppliers and technology developers,” says Pål Jonson, Sweden’s Minister for Defence and head of the Ministry of Defence.

An order that changed everything

One example is Svekon, which was assigned by the Swedish Defence Materiel Administration (FMV) to refurbish and deliver a large number of vehicles with accompanying spare parts.

Svekon operates as a technical consulting firm, both in the civil sector and within defence and security. Since 2014, the company has gradually shifted its business model from pure consulting to offering complete solutions, often with technical support from subcontractors and partners.

“Svekon has also invested in modern production facilities as well as design and electronics labs at all of its offices, enabling both prototype manufacturing, larger modification projects, and production,” says Martin Frisk, Deputy CEO at Svekon.

The order was substantial and placed high demands on liquidity. Through close cooperation between the company’s main bank, FMV, and SEK, a solution was developed that secured the financing and enabled on-time delivery.

An industry undergoing rapid transformation

The defence industry is a key part of Sweden’s industrial development and a driver of innovation. Technological advancements in the field often have civil applications, and collaboration between companies, research, and the defence sector helps strengthen the competitiveness of the entire industry.

The increased investments in recent years have also generated growth in several Swedish regions, where defence initiatives create jobs, strengthen skills supply, and drive new technology forward.

“Svekon is a good example of a company growing with the industry and continuously investing in competence, technology, and production capacity,” says Johan Nobel, Senior Client Executive at SEK.

Long-term financing for sustainable growth

For SEK, the focus is on contributing to a long-term sustainable industry — where financing and risk management enable more Swedish companies to participate in the ongoing build-up.

“With our expertise in export and guarantee issuance, we can support both large and smaller companies when new business opportunities emerge, in Sweden and internationally. SEK can be a relevant partner for financing or risk sharing that enables companies to continue growing,” says Magnus Montan, CEO of SEK.

Svekon was awarded the Gasell Award 2025 for strong growth during the period 2020–2024, largely driven by increased assignments from FMV. Since the 1980s, FMV has been the company’s largest customer through multiple framework agreements, turnkey commitments, products, and technical support.