Access to finance - Latvia
Updated 05/2013
Access to EU finance
This site will help you to apply for finance supported by the European Union. To access EU finance, click on your country to locate banks or venture capital funds that provide finance supported by the EU:
National sources of finance
Legal requirements
State aid
Business support applies to the allocation of resources and state/local authority determined obligatory payment relief. This can take various forms or ways - not only subsidies or reduced interest rates but also credit guarantees, accelerated depreciation and capital investment.
-
Business support policy
-
Legislation governing support
Indirect aid
You can obtain support from the Latvian Guarantee Agency (LGA), which provides guarantees for loans and financial and industrial leasing.
One of the services the agency provides is ensuring that a trader receives credit for carrying on his business in situations where collateral available to the business is not sufficient to obtain the necessary credit. This procedure is governed by the Regulations of the Cabinet of Ministers On Guarantees for Improvement of Competitiveness of Businesses.
-
Regulations of the Cabinet of Ministers
The LGA provides guarantees for the following financial services:
- investment loans;
- working capital loans;
- financial leasing;
- local factoring.
Guarantees are not granted for existing liabilities except in cases where the guarantee is necessary for obtaining investment loans or financial leasing, provided that the repayment of the base amount is deferred for at least one year but for no more than two.
The guarantees cover up to 80% for the financial service but no more than EUR 3,000,000 per company.
Direct aid
EUREKA supports the research, development and implementation of innovative technologies, mainly in SMEs. To qualify for public funding, you have to go through a public competition.
-
EUREKA
Information on support for staff training:
Government assistance programmes for businesses:
-
programmes for 2007-2013
-
Action programmes
-
Supplements to action programmes
Access to EU funding
Following accession to the EU, businesses began actively to apply for EU funding.
Latvia makes wide use of EU structural funds. The National Development Plan 2007 - 2013 defines which areas in the economy are in need of development and thus are to receive support.
-
Latvia’s sustainable development strategy
-
The Ministry of Economics
Information on EU structural funds, financial assistance programmes and projects in Latvia can be found here:
Private finance
The ALTUM Promotional Programme. ALTUM mostly provides high-risk loans to viable projects and projects with a future for which the businesses cannot obtain funding from commercial banks due to insufficient security and other risks associated with the project.
At present, ALTUM implements the following lending programmes independently or in cooperation with other divisions:
-
Competitiveness programmes
-
Micro Lending Programme
-
SME Growth Loan Programme
-
Support for business start-ups
-
Documents required to receive support
Business support organisations can advise businesses on how to find financing.
