This report identifies and investigates environmental incentives available for small and medium-sized enterprises in the Nordic countries. These comprise grants and loans for environmental management, environmental technology, environmental employment and sectoral competitiveness, and energy efficiency and renewables. From a total of 15 currently or recently available schemes, seven incentives are selected and 23 beneficiaries interviewed to explore impacts on environmental performance and economic competitiveness. The survey allows the ranking of environmental impacts in order of significance, based on information provided by the SMEs. It also highlights economic effects and environmental learning, and it draws conclusions relating to the practical value of Nordic environmental incentives, administrative procedures, company experiences and future expectations.