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On October 31, 2023, the Cabinet of Ministers approved amendments to the Large Loan with Capital Discount Support Program, under which companies will be able to receive additional loans from ALTUM for their investment projects.
The changes will allow first and closed round applicants who are still under evaluation by ALTUM (provided that the investment project has not been initiated before the application) to apply for additional loans. It is essential to note that no capital discount will be applied to these additional loans. For this purpose, additional funding of EUR 30.5 million will be allocated to the support program.
Additionally, the deadline for submitting the required documents to ALTUM is extended to April 1, 2024 (previously November 1, 2023).
The approved changes will ensure financing availability for planned investment projects, production efficiency improvements, and the adoption of new technologies, as well as provide additional incentives for the further development of the company.
To date, ALTUM has made 11 positive decisions on support, with a total eligible cost of EUR 249.3 million and a requested capital discount of EUR 66.6 million, including eight contracts that have been concluded. At the same time, ALTUM continues to evaluate another 11 investment projects with a total investment amount of EUR 233.8 million and a requested capital discount of EUR 67.5 million, which could potentially apply for additional loans.
It is planned that the program will create more than 1,000 new jobs with wages above the national average, ensure exports of EUR 207.27 million per year, and invest at least EUR 14 million per year in research and development.
For more information about the amendments, please refer to the Cabinet of Ministers Regulation No. 503 of July 6, 2021, "Regulations on Loans with Capital Discount for Investment Projects to Promote Competitiveness for Merchants" - available on the Unified Legal Acts Portal, as well as the related Cabinet of Ministers Regulation No. 377 of June 21, 2022, "Regulations on Guarantee Programs for the Mitigation of Economic Consequences of Russian Military Aggression against Ukraine," which is recognized as having lost its validity, and the amendments to Cabinet of Ministers Regulation No. 349 of June 14, 2022, "Regulations on Loan Programs for the Mitigation of Economic Consequences of Russian Military Aggression against Ukraine."