PMV Co-financing for Flemish Businesses — 2026 Guide

PMV (ParticipatieMaatschappij Vlaanderen) is the Flemish government's investment and financing company. It provides financial solutions to Flemish entrepreneurs and businesses at every stage — from startups to mature companies, from small loans to large infrastructure projects. PMV is not a bank and not a grant agency. It operates as a public investment company that bridges financing gaps in the market.

PMV's mission is to strengthen the Flemish economy by making financing accessible where the private market falls short. This includes loan guarantees that help companies obtain bank credit, co-investments alongside private investors, subordinated loans that strengthen balance sheets, and the administration of the Winwinlening citizen lending programme.

For Flemish entrepreneurs, PMV is often the first stop when traditional financing is insufficient. Its products are designed to complement — not compete with — private banks, venture capital, and government grants from agencies like VLAIO.

PMV's Waarborgregeling (guarantee scheme) is one of its most widely used products. When a Flemish SME needs a bank loan but lacks sufficient collateral, PMV can guarantee up to 75 % of the loan amount. The maximum guarantee is €1.5 million per company.

The guarantee covers various types of financing: investment loans, working capital credit, bank guarantees, and leasing arrangements. The company pays a one-time guarantee premium of 0.5 % of the guaranteed amount, making it one of the most affordable guarantee instruments in Europe.

The application process goes through the company's bank. The bank evaluates the credit request and, if a guarantee gap exists, submits the request to PMV. Decisions are typically made within days, not weeks — speed is a key advantage of the PMV guarantee compared to other public financing tools.

PMV co-invests alongside private investors in promising Flemish companies. Through its various investment funds, PMV can provide equity, quasi-equity, and mezzanine financing. Co-investments typically range from €150,000 to several million euros, depending on the company's stage and needs.

For growth-stage companies, PMV's subordinated loans are particularly valuable. These loans rank below bank debt in repayment priority, effectively functioning as quasi-equity. This strengthens the company's balance sheet and makes it easier to attract additional bank financing or private investment.

PMV also manages specialised funds for specific sectors and stages, including funds focused on cleantech, life sciences, and digital innovation. These funds combine PMV's public mission with professional investment management.

PMV administers the Winwinlening — Flanders' citizen lending programme that allows private individuals to lend up to €75,000 to Flemish SMEs with a 2.5 % annual tax credit. The programme has channelled hundreds of millions of euros from private citizens into the Flemish business ecosystem since its inception.

The Winwinlening is subordinated to bank debt, making it an excellent complement to PMV's other financing products. A company might combine a PMV-guaranteed bank loan with one or more Winwinleningen from friends and family — creating a diversified, affordable financing structure.

For a detailed guide on the Winwinlening, see our PMV financing overview. The Winwinlening is one of the most popular financing instruments for Flemish startups and SMEs.

PMV financing is repayable — it consists of loans, guarantees, and investments, not free money. VLAIO grants in Flanders are non-repayable subsidies for specific innovation, training, or sustainability projects. The two serve fundamentally different purposes.

However, PMV and VLAIO are highly complementary. A company might receive a VLAIO innovation grant to fund an R&D project while using PMV financing to cover the co-financing requirement or fund related capital expenditure. The grant reduces project risk, while PMV financing ensures the company has adequate working capital.

For a personalised assessment of which financing instruments suit your situation, BelGrant's AI assistant can evaluate both grant eligibility and PMV financing options based on your company profile, project type, and stage of development. Explore all available Belgian grants.