A
large body of research in international business and international
entrepreneurship has been focusing on exploring the drivers and moderators
effecting firm’s internationalization. One approach towards a more multifaceted
understanding of internationalization is to explore how institutional forces facilitate
new venture’s internationalization (Sapienza et al., 2006). While extant
research has largely focused on the barriers impeding entrepreneurial activity
and growth, this study focuses on the positive contributions of a strong
institutional environment. More specifically, the study explores the role of Finnish
export credit agency’s services in supporting the (early) stages of SMEs growth
and internationalization processes.

The
preliminary findings of our qualitative case study suggest that the role of Finnvera as an enabler of
companies’ phased evolution (e.g., survival, growth, and internationalization)
was evident across the five cases. The financial support has enabled the
companies to invest into developing their activities, to execute international
projects and grow profitably in the international markets. Especially in the
initial stages, Finnvera’s support seemed to entail also a psychological
element to boost the founders’ entrepreneurial orientation.