The information was translated using the ChatGPT service.
As of November 29, the Latvian Investment and Development Agency (LIAA) has started accepting applications for support to small and medium-sized enterprises (SMEs) in two activities - "Export Support" and "Organization of International Sports Events and Exhibitions in Latvia".
"The new LIAA support programs will focus on supporting exporters with high added value. Entrepreneurs will have the opportunity to attract co-financing for their export activities up to 40 thousand euros per year, both by expanding their operations in existing markets and entering new markets," emphasizes Iveta Strupkāja, acting director of LIAA.
The program aims to strengthen the export capacity of Latvian companies in medium-high and high-technology sectors, as well as in knowledge-intensive service sectors. The planned budget for export support activities in this program is 24 million euros, including 13 million euros in grants.
Within the framework of the activities, merchants will be able to receive support for:
participation in international exhibitions, conferences, and contact exchanges;
digital sector platforms; development of marketing materials; target market research;
assessment of compliance of factories and products;
participation in international sector associations; attraction of foreign experts in export markets;
evelopment and registration of trademarks and design samples;
telemarketing services for finding foreign cooperation partners;
organization of international conferences in Latvia, if they are thematically related to such priority sectors as knowledge-intensive bioeconomy, ICT, biomedicine, smart materials and photonics, smart energy, and mobility.
Applications are also being accepted for support for the organization of international sports events and exhibitions. For these activities, it is possible to attract co-financing up to 200 thousand euros with a support intensity of up to 60% of the total costs.
Entrepreneurs will have the opportunity to:
receive support for the purchase of a license for organizing an event or participation fee in an international organization;
development of marketing materials;
promotion in the digital environment; rent of premises and land; technical equipment;
transport rental services;
honoraria for sports referees;
participation in professional industry events.
Support in both activities can be received by merchants, associations, foundations that meet the status of small (micro), small and medium-sized economic operators. Support will be available until June 30, 2027, or as long as funding is available.
Applications for support can be made on the state business support platform www.business.gov.lv in the e-services section.
About the SME Program
The program is implemented with the support of the European Regional Development Fund and state budget funding. The total budget of the program is 61.16 million euros.
Directions and sub-programs of the SME innovative business development program
1.Export Support (24 million euros):
Support for export activities that strengthen and support the export capacity of products and services.
Support for the organization of international sports events and exhibitions.
Establishing contacts abroad (activity will be available in December 2023).
Participation in national stands (activity will be available in December 2023).
Participation in trade missions and high-level state visits abroad (activity will be available in December 2023).
2.Support for business incubation (33 million euros. This program will be available at the beginning of 2024)
3.Support for innovation motivation (4.16 million euros. This program will be available at the beginning of 2024)
Program goals (by 2027)
supported 700 exporting companies;
program implementers have increased turnover by at least 12%;
annual increase in export volume by 20%;
created 1000 new jobs; supported merchants pay 150 million euros in taxes annually.
The new support programs will be introduced gradually. At the beginning of December, it is planned to start accepting applications for support for participation in trade missions and high-level state visits abroad, and the business incubation and innovation motivation program is planned to be opened at the beginning of 2024.
