Providing Financial Support for Small and Medium Businesses

Financial Support Loans for SMEs in Latvia

Support Programs – Providing Financial Support for Small and Medium Businesses

Providing Financial Support for Small and Medium Businesses
Via Krisztina Papp / Unsplash

Small and medium-sized enterprises (SMEs) that provide many job opportunities are an important part of our economy. Small and medium-sized businesses are always the biggest supporter of the country’s economies. SMEs must be supported in order for the country’s economy to recover, develop and gain momentum in a positive way. Support for SMEs always adds value to the national economy. However, financing is required for the development of SMEs. In this article, we have compiled the most important information about the fund support program and terms offered by Swedbank[1]. Thus, in this article, we will explain how to get SME support and what to do for SME support application.

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EaSI Support Program

Several years ago, a cooperation agreement was signed between Swedbank and the European Investment Fund (EIF)[2] to support micro and small businesses in Latvia, Lithuania and Estonia. Under the EaSI support program, € 123 million will be funded and distributed to companies until 1 March 2021.

The purpose of this support program is to provide additional financial support to businesses that are in the initial or development stage and to facilitate and increase access to finance. Under the EaSI Support Program, companies can receive support for low interest unsecured loans and leasing.

Participation in the EaSI support program for companies is free of charge. All micro and small businesses can participate in the EaSI support program.

  • >>> Companies with 10 employees,
  • >>> Companies whose annual turnover or annual balance sheet total does not exceed € 2m can benefit from this support,
  • >>> Also, freelancers can participate in this program.

The maximum loan or leasing amount guaranteed by EaSI is € 25,000, working capital can be extended for up to one year and investment credit and leasing can be provided for up to 6 years.

Financial Support for SMEs in Latvia
Via Mike Petrucci / Unsplash

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Is There Any Guarantee Requirement?

There is no guarantee requirement for loans to companies. If you are in compliance with the above application requirements, you can apply for SME support in no time. Thus, you can take part in this program, which is prepared with the cooperation of the State-Bank, by receiving SME support.

  • >>> You can benefit from both the advantages offered by the banks and the financial support provided by the state.
  • >>> You can benefit from SME support, which is offered with two different options, payback or non-payback.

With corporate loans and SME loans, you can make your future plans better. Thus, after providing the necessary conditions to receive SME support, you can gradually grow your company from small to medium level and from medium to large level. Be sure to apply for SME support loans so that your company can provide better quality services. By working harder and with these SME support, you can have a more spacious life.

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Igors Krumins

Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.