A wide range of companies will have access to loans to mitigate the consequences of Russia’s military aggression against Ukraine

LATVIA – BUSINESS (02/11/2022)

Approved changes to credit support programme for companies whose operations have been adversely affected by Russia’s military aggression against Ukraine.

According to the Ministry of Economy and the «Department of Public Relations», at a meeting on November 2 it was decided to simplify conditions for receiving support and to expand the range of companies that will be able to apply for a loan from the Financial Development Institute «Altum».

A wide range of companies will have access to loans to mitigate the consequences of Russia's military aggression against Ukraine
Figure, data source energyintel.com

«Altum» has already started accepting loan applications from companies whose operations have been adversely affected by Russia’s military aggression against Ukraine.

Including the amendments, the conditions for large companies to receive support have also been eased. If large companies need to secure financial support for trading activities in energy markets, the loan amount can be increased to cover the liquidity needs arising from these activities over the next 12 months.

At the same time, a condition is included that the support provided under this regulation for the same principal amount of the loan cannot be combined with the support that «Altum» will provide to the merchant in accordance with national regulations in the form of guarantees for liquidity loans in order to reduce the consequences of Russia’s military aggression against Ukraine for the economy, or in accordance with the Regulation of the Cabinet of Ministers dated March 19, 2020 No. 150 «Rules for providing guarantees to business operators whose activities have been affected by the spread of Covid-19» and the Cabinet of Ministers resolution dated March 19 2020 No. 149 «Rules for granting loans to replenish working capital to business operators whose activities have been affected by the spread of Covid-19».

Under the Loan Programme, all economic entities affected by the military aggression in Ukraine (regardless of their area of activity) will be able to apply for support, including companies in the agriculture, fisheries and aquaculture sectors. The maximum loan amount available to entrepreneurs will be up to 3 million euros, but not exceeding one of the following: 15% of the average turnover of business activities during the three preceding completed financial years or 50% of the total energy costs of the 12 months before the date of the loan application or the liquidity needs for the next 12 months for small and medium-sized entrepreneurs or 6 months for large merchants.

For details on changes to Cabinet of Ministers Resolution of 14 June 2022, No. 349: «Rules of the loan programme to eliminate the economic consequences of Russia’s military aggression against Ukraine» can be found on the «Legislative Acts» portal. For details on changes to Cabinet of Ministers Resolution of 14 June 2022, No. 349: «Rules of the loan programme to eliminate the economic consequences of Russia’s military aggression against Ukraine» can be found on the «Legislative Acts» portal. 

Further information on the support programme is published on the Altum website

Support us

Related posts

Latvia will assess the regulation of public access to beneficial ownership of companies
BusinessFinance
Latvia will assess the regulation of public access to beneficial ownership of companies

LATVIA – Finance According to the Ministry of Finance, Latvian law states that data on the actual owners or beneficial …

Manufacturing output in October was 1.4% lower than a year ago
AnaliticsBusiness
Manufacturing output in October was 1.4% lower than a year ago

LATVIA – ANALITICS According to the Central Statistics Office, manufacturing output in October 2022 was 1.4% lower than in October …

The special and municipal budgets are accumulating surpluses, while the main state budget deficit is growing
AnaliticsBusiness
The special and municipal budgets are accumulating surpluses, while the main state budget deficit is growing

LATVIA – Analitics According to the State Treasury, there is a deficit of EUR 530 million in the consolidated general …

Neo-tenement houses in Latvia
BusinessEconomy
Neo-tenement houses in Latvia

LATVIA – ECONOMY On 22 November this year, developers will be able to start applying to the ALTUM Development Finance …

Scroll to Top