The information was translated using the ChatGPT service.
With the allocation of additional EU fund financing and the refinement of certain regulatory norms, the Cabinet of Ministers, in its session on September 19th this year, decided to extend the support program for micro-loans and start-up loans for entrepreneurs implemented by Altum until the end of 2029 (or until all the available funding within the program is reserved).
We remind you that the goal of the support program is to promote the creation and growth of new business entities by ensuring access to financing for the implementation of prospective and viable business projects (investments and working capital). This is especially for those business entities that, due to insufficient collateral, business history, credit history, net income flow, or the volume of existing credit obligations, have been unable to attract the necessary funding from financial market participants for the implementation of business projects.
The additional funding allocated to the support program is 15,662,858 euros.
Within the support program, the maximum loan amount for start-up and growth loans to one business entity has been increased to 250,000 euros. Moreover, the previous range of support recipients has been expanded to include small to medium capitalized companies and medium capitalized companies that can be supported using EU fund financing.
It is also envisaged that, within the program, a business entity is considered a company that has been registered in the company register no earlier than 7 years before the application submission (previously – no earlier than 5).
So far, within the framework of the Altum loan program, a total of 190 micro-loans amounting to 2,764,534 euros and 601 start-up loans amounting to 17,838,020 euros have been issued to merchants. Given the additional funding, it is planned that by December 31, 2029, a total of 290 loans could be issued within this program, supporting new companies.
Detailed information on the amendments approved by the government today in the Cabinet of Ministers regulations No. 328 of May 31, 2016 "Rules on micro-loans and start-up loans" can be found on the Legal Acts Portal.
Ministry of Economics Public Relations Department Email address: prese@em.gov.lv Phone: 67013193