The information was translated using the ChatGPT service.
In order to strengthen the competitiveness of the Latvian economy, including technological development, improvement of production efficiency, and innovation, a range of support programs under the Latvian Recovery and Resilience Mechanism with a total funding of 183.3 million euros are available to entrepreneurs. This includes support programs for business digitalization, implemented by the Development Finance Institution Altum (hereinafter referred to as Altum) and the Investment and Development Agency of Latvia (hereinafter referred to as LIAA).
To promote Latvia's economic growth and competitiveness, it is undoubtedly necessary to facilitate the digitalization of businesses by investing in technological solutions, innovations, and making changes in production processes. Support for business digital transformation, process digitalization, as well as the acquisition of digital services and necessary skills for company employees, is a valuable tool for enhancing competitiveness. We encourage entrepreneurs to take advantage of this opportunity!" urges Minister of Economics Viktors Valainis.
Altum offers loans with a capital discount for business digitalization. Since February 22 of this year, when support for digitalization programs became available to entrepreneurs, Altum has received 43 applications from businesses for a total support amount of 24.5 million euros. Currently, 17 projects have been approved for a total amount of 9.4 million euros, while approximately 20 projects are in various stages of evaluation.
Ilze Zandberga, the program manager of Altum's digitalization program, expresses, "The support program for business digitalization offers an attractive financial solution - a capital discount to erase up to 35% of the Altum loan principal. This is the best opportunity for manufacturing companies to digitize processes and modernize solutions, thus staying ahead of competitors. Companies from various industries are taking advantage of the program, including the meat product manufacturer Forevers, furniture manufacturer GM Style, timber industry player LV Timber, and optics industry participant Liko-R."
The approved Altum projects represent industries such as timber processing, including furniture manufacturing, metalworking (manufacturing of metal doors, metal structures), medical instrument manufacturing, meat processing, and specialized construction works. With the support of Altum loans, companies primarily plan to purchase automated equipment and non-material assets, such as software.
On the other hand, LIAA offers support for business digitalization in the form of grants. Until November 22, companies have submitted 74 project applications totaling 1.72 million euros. LIAA has concluded 17 contracts with companies for a total support amount of 288 thousand euros.
The state support program for business digitalization is aimed at increasing efficiency to enhance the competitiveness of companies. In total, 37.5 million euros are available in this program until the end of 2026, which entrepreneurs can allocate for the implementation of various digital solutions, including promoting exports and digital innovations," emphasizes Iveta Strupkāja, acting director of LIAA.
The approved LIAA projects represent areas such as food, rubber product, cardboard packaging manufacturing, engineering systems, business park management, legal services, technical consulting in construction, dentistry, healthcare (hospitals), trade, and active recreation. Companies plan to use the support of the digitalization program to attract funding for the robotization of production processes, development of licenses, software, 3D models, and other digital solutions, as well as for CRM (customer service), ERP (inventory management systems), and e-commerce.