Access to finance
18 November 2009by Ina Dimireva -- last modified 18 November 2009
During economic growth in Latvia the most popular method of financing was bank loans. After Latvia joined the European Union businesses actively applied for EU funding. The Ministry of Economics is in charge of defining and coordinating government assistance policy for businesses.
Legal requirements
The Investment and Development Agency of Latvia (IDAL) provides information on starting up a business, raising funds, government assistance schemes and export opportunities in international markets.
Investment and Development Agency of Latvia
The Latvian Guarantee Agency (LGA) is a government agency which supports SMEs in Latvia by providing guarantees for loans and financial and industrial leasing
Resources
The Promotional Programme ALTUM is a structural unit of the Latvian Mortgage and Loan Bank which is in charge of national and EU financed programmes providing high risk loans to promising SMEs projects that commercial banks reject for reasons of insufficient security or other risks. Under the provisions of the programme a SME may apply for a loan of up to 700 000 LVL for a period of 3 to 10 years.
To select financial intermediaries (such as banking and risk capital funds) for the introduction of appropriate financial instruments, the agreement made between Latvia and the European Investment Fund intends to start calling for tenders from September 2008. The total funding is 183 million euro: export insurance − 30 million euro, portfolio guarantees - 80 million euro, risk capital − 50.5 million euro, technology transfer (at the initial growth stage) − 22.5 million euro.
Information on EU structural funds, financial assistance programmes and projects in Latvia.
Information on support for staff training
Programmes
EUREKA is an international programme which supports the research, development and implementation of innovative civil technologies, mainly in SMEs.To qualify for public funding, in Latvia EUREKA projects are vetted through a project competition.
Government assistance programmes for businesses
Personalised help and advice
The Enterprise Europe Network provides businesses with information and advice through its local partners.
Enterprise Europe Network – contact points – Latvia
Source: European Commission
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