€500 million available to businesses via Altum

The government has approved the Ministry of Economics’ proposal to allocate EUR 506.397 million of European Union funding for 2021-2027 to Development Finance Institution Altum (Altum), which will make it available to businesses through financial support instruments.

Altum will be providing the financial instruments to corporate clients via 10 support programmes, including productivity loans for innovative equipment, research and development, technology transfer, as well as individual guarantees for digitisation and automation. Support will also be available for equity investments, startup, growth loans and guarantees, as well as portfolio guarantees for full-cycle businesses.

The programmes will also provide support towards productivity loans, energy efficiency improvements in residential buildings, the use of renewable energy sources and energy efficiency improvements in industry and businesses, the promotion of renewable energy, as well as business greening and product development activities promoting energy efficiency improvements and the introduction of energy-efficient technologies in enterprises.

By December 31, 2029, the support programmes are expected to have supported a total of more than 2,500 enterprises, attracted more than EUR 399 million in private co-financing, improved the energy efficiency of 13,450 homes, saved an estimated 3,480 carbon dioxide emissions, generated 16,696 megawatt hours of renewable energy per year and provided an additional 9.58 megawatts of electricity generation capacity from renewable energy sources.

In the previous funding period 2014-2020, Altum supported businesses through seven financial instrument programmes, with EUR 350.65 million provided to 1,503 companies as of the second quarter of 2023.

Source: Press release (www.labsoflatvia.com)
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