Usually, three parties are involved in the transaction: SEK as the financier, the Swedish Export Credit Agency (EKN), who insure the exporter against the risk of not receiving payment, and one or more commercial banks, who arrange the transaction and cover the part of the risk that is not covered by EKN.

Offering your customer financing at a fixed interest rate (CIRR)

As an exporter, you can provide your customer with a fixed interest offer (CIRR), which is valid for four months. During this period, a commercial contract must be signed. Once the contract is signed, your customer has a further six months within which to sign a loan agreement. It’s an advantage for the exporter and the exporter’s customer to know what the interest expense may be.

If market interest rates rise during the negotiating period, the CIRR offer may become attractive and provide exporters with additional support in winning an export order. If interest rates fall, the exporter’s customer can choose to finance at market interest rates instead, but has had a cost-free interest-rate cap for the negotiating period, which can extend for a long time in this kind of transaction.

Apply for export credit financing

An application for a CIRR must be filed before the commercial contract is signed between you and your customer. You can apply as both an exporter or a bank. The application does not cost anything, and no further charges arise if you ultimately decide against a CIRR.

Download an application here

Find out more about the Swedish Export Credit System.