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Altum and EIF programme to allocate 15 million euros for businessmen

Publicity photo.
Altum development finance institution has signed a long-term cooperation agreement with European Investment Fund, which will provide guarantees for businessmen worth EUR 15 million as part of Cosme programme.

The new programme will provide guarantees for companies that are not older than five years to receive Altum loans without pledges. Non asset-backed transactions with the new programme will be available in the next three years. The maximum available loan amount will be EUR 150,000, the institution explains.

«Thanks to Altum and EIF agreement, Latvian companies will be able to use the opportunity to receive loans without securities. The new programme will focus on new, sustainable companies with growth potential. At the same time, we continue working on offers for non asset-backed micro loans to make them available to a wider range of companies. Cosme programme offers a new option for Latvian businessmen to access funding from the so-called Juncker’s plan,» notes Altum chairman Reinis Bērziņš.

Inna Šteinbuka, head of European Commission’s office in Latvia, explains that EIF and Altum’s agreement about Cosme guarantees for small and medium-sized companies is not the only proof of functionality of Juncker’s plan in Latvia.

«More than 500 million euros will be attracted in investments from this and other projects part of Juncker’s plan to assist with state development and create new opportunities for stimulation of business activities,» Šteinbuka explains.


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