Business, Financial Services, Latvia
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 09:41
Altum extends EUR 8.2 mln in loans to business start-ups in nine months
She said that both by the number and amount of the loans
this was a 40% increase against the same period in 2017.
The Altum
spokeswoman also indicated that borrowing activity had also increased in all
regions of Latvia. Loans to business start-ups grew at the steepest rate in
Zemgale (45%), while the total value of new business projects receiving
government support jumped 89% in Vidzeme, 69% in Zemgale and 60% in Kurzeme.
Entrepreneurs’ borrowing activity rose also in Latgale where
the number of such loans grew by 8%, although the total amount of financing
slightly decreased, which is an indication that entrepreneurs in this region
start their businesses with smaller projects, Eglite said.
The situation in Riga and Riga Region has been different as
the total amount of loans there grew by 26%, while the number of loans dropped
by 7%.
In January-September 2018, Altum extended 400 loans to entrepreneurs starting business in
areas like foodservice and hospitality (34%), production (28%), agriculture,
forestry and fisheries (15%), trade (12%), construction (9%) and transportation
services (2%).
Altum offers
business start-ups up to 10-year loans, worth of up EUR 150,000. Up to 15-year
loans are available for purchases of real estate, as well as development and
renovation projects.
Altum is a
state-owned development finance institution, which offers state aid for various
target groups with the help of financial tools (such as loans, credit
guarantees, investing in venture capital funds, etc.). Altum develops and implements state aid programmes to compensate
for the market's shortcomings that can't be solved by private financial
institutions.