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Conditions of Loans (ERDF)

Information on implementation of ERDF activity 2.2.1.4. “Loans for Raising of Business Competitiveness” : Promotional Programme for Improvement of Business Competitiveness (Implementer- Hipotēku banka) Riga, 21 January 2010.

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Conditions of Loans (ERDF)

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  1. Information on implementation of ERDF activity 2.2.1.4.“Loans for Raising of Business Competitiveness”:Promotional Programme for Improvement of BusinessCompetitiveness (Implementer- Hipotēku banka)Riga, 21 January 2010

  2. Promotional Programme for Improvement of BusinessesCompetitiveness (ERDFLoans for Improvement of Competitiveness) • Programme aim: improvement of competitiveness of SME and large enterprises, thereby promoting economic development • Implementation period: April 2009 - December 2013 • Planned: totally 430 loans of working capital and investment loans Total amount of Programme: 58.5 million. LVL • Financial sources: public financing (state + ERDF: 43.3 million. LVL; bank: 15.2 million LVL). Separate loan fund has been created for lending

  3. Conditions of Loans (ERDF) • Programme provide loans to entities registered in Latvia, who has economically viable future business and who has limited access to finance • Basically loans are intended for processing businesses and businesses, which attract financing from EU structural funds • Investment loans up to 5 million LVL (up to 10 years) • Working capital loans up to 2.5 million LVL (up to 5 years) • Total amount of loans (working capital + investment) can’t exceed 5 million LVL • Small and medium-sized businesses should attract business owners (owns at least 10% of shares) as a guarantor • Large companies should pledge at least 75% of company shares or should attract business owners (owns at least 10% of shares) as a guarantor

  4. Data of ERDF Loans for Improvement of Competitiveness (as at December 2009) : • Present approvals ~ 50% (29.5 million LVL) • Approved 29 loans, average loan amount: 1 million LVL • Programme will be finished by the end of 2011 • In 2012 - 2013 businesses will be supported from the repayments • The most supported sectors so far are: • production of electricity 54%; • wood-processing 19%; • manufacture of power tools 8%; • cosmetics industry 5% • other industries 14% (food production; metal production; printing industry; glass processing etc.)

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