The information was translated using the ChatGPT service.
At the meeting on January 9, 2024, the Cabinet of Ministers approved amendments to the Regulations on loans for the promotion of development of small (micro), small, and medium-sized economic activity performers and agricultural and forestry service cooperative societies. These amendments will enable the launch of support for business productivity enhancement in the form of investments and working capital for the 2021-2027 European Union funds planning period.
“Access to working capital and investment opportunities is a significant factor in enhancing the operation and competitiveness of small and medium-sized enterprises, especially for start-ups and innovative, rapidly growing companies. These companies most often face a lack of funding, particularly in terms of working capital and comparatively long cash cycles, thus state support here is vitally necessary. It is also important to ensure funding availability for business development, productivity and export capacity enhancement, addressing gaps in financial accessibility, and achieving economic growth this year,” states the Minister of Economics, Viktors Valainis.
Support will be available to small and medium-sized enterprises (SMEs), as well as small medium-sized (up to 499 employees) and medium (up to 3,000 employees) capitalization companies. Eligible applicants with at least 12 months of experience and no less than five employees will include:
Investments up to EUR 2,850,000 and no more than 90% of the total costs, with a loan term of up to 15 years;
Working capital from EUR 100,000 to EUR 5,000,000 with a loan term of up to 15 years.
Altum will be able to provide a loan of up to EUR 5 million to a single economic activity performer.
The total funding of the support program is EUR 15,662,858, and it is planned to support at least 150 economic activity performers by December 31, 2029, attracting provisionally EUR 5 million in private investments and increasing the turnover growth in these companies by at least 20%.
To promote the availability of support throughout Latvia, Altum regional centers will be involved in the implementation, and consultation centers are available to commercial entities for individual consultations. Meanwhile, the Ministry of Economics plans to organize informational events in the regions.
In the previous EU funds planning period, until September 30, 2023, Altum approved applications amounting to EUR 54.1 million, providing support to 222 commercial entities and attracting at least EUR 10 million in private investments.
More information on the amendments to the Cabinet of Ministers' September 15, 2009, Regulation No. 1065 "Regulations on loans for the promotion of development of small (micro), small, and medium-sized economic activity performers and agricultural and forestry service cooperative societies" can be found on the unified Portal of Legal Acts.
Economics Ministry Public Relations Department prese@em.gov.lv
