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The Latvian Russian Union has acquired a bank account for state financing :: Dienas Bizness

In the selection process, the development financial institution “ALTUM” has selected credit institutions that will issue “ALTUM” portfolio guarantees, helping companies to overcome liquidity problems caused by the Covid-19 crisis.

Portfolio guarantees will be issued on behalf of ALTUM by SEB banka and SEB līzings, Swedbank and Swedbank līzings, Unicredit Leasing, Citadele Bank and Citadele līzings un faktorings, as well as Luminor.

Within the framework of the portfolio guarantee program, financing of a bank and leasing company in the amount of up to 500 thousand euros will be able to be guaranteed on behalf of ALTUM and a lower interest rate will be applied to the financing accordingly.

Inese Zīle, a member of the Board of ALTUM, informs: “The portfolio guarantee instrument will speed up the process of providing guarantee services for small transactions, moreover, the entrepreneur will be able to receive the guarantee on better terms – reduced interest rate and no additional collateral, as ALTUM guarantee will serve as collateral. , that, like other crisis programs, this one is intended for viable projects, the operation of which has been affected by the consequences of the spread of Covid-19, leaving an impact on the financial situation of the merchant.

At the same time, we provide entrepreneurs with all other ALTUM financial instruments, including loans for start-ups, financing for SMEs, loans for the purchase of agricultural land, land fund services and others, which companies use for development and growth according to their specifics and needs. “

To receive a portfolio guarantee, the entrepreneur must contact the bank. The guarantee will be issued for new or existing working capital loans if the credit institution defers the principal payments for at least 3 months or extends the term of the agreement for at least 3 months. The guarantee will also be provided for existing investment loans and financial leasing, if the credit institution defers the principal payments for at least 3 months and, if necessary, extends the term of the financial services agreement.

The aim of the crisis portfolio guarantees is to facilitate the availability of financing up to EUR 500,000 for corporate financial services. The financial services that a credit institution may include in the ALTUM guarantee portfolio are current assets, including credit lines, investment loans and financial leasing.

Unlike individual loan guarantees, in the case of portfolio guarantees, a bank can automatically grant a state guarantee for a lending transaction that meets the conditions of the program. The creditor will not have to contact ALTUM with each individual transaction.

Development financial institution “ALTUM” is a Latvian state-owned capital company, which provides support to certain target groups in the form of financial instruments (loans, guarantees, investments in venture capital funds, etc.) with the help of state support financial instruments, supplementing it with non-financial support within specific programs (consultations , mentoring), as well as implementing other functions delegated by the state.

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