This study focuses on the impacts of the largest export guaranteed operations on employment and value added including effects through companies’ value chains. The results suggest that the activities of Meyer and Nokia related to export guarantees create value added accounting for 0.29% (Meyer) and 0.27% (Nokia) of the Finnish GDP. Corresponding employment effects are 0.32 % (Meyer) and 0.12 % (Nokia) of the Finnish total employment. These effects cannot be interpreted in such a way that without export guarantees the Finnish GDP and employment would decline correspondingly. Our other results suggest that export guaranteed operations slightly crowd out other activities, but the net effect remains positive. The results also show that the suppliers of Meyer and Nokia are more productive than companies belonging to the control group.