The programme area: Entire Latvia

Company status: Merchant, farmer or fisherman, whose activities were affected by Covid-19

Company’s financial indicators requirements:

• There are no signs that the company is in a difficult situation (“a firm in difficulty”) *(half of the signed share capital was lost as of 31.12.2020, the insolvency process or the legal protection process was announced);
• there are no current tax debts above 1,000 EUR or a schedule has been reached with the State Revenue Service (SRS) for the repayment of the tax debt.

Maximum loan amount: 1,000,000 EUR*, not exceeding the highest of the following numbers:

• 25% of the turnover in 2019;
• (wage fund + state social insurance mandatory contribution rate in 2019) x 2.

Documents to be submitted:

• Client’s questionnaire
• Loan application

as well as:

• Annual Report for 2019 and 2020;
• operational financial report for 2021 as of the last possible date, but not older than 120 days - balance sheet and income statement and keys/legend;
• lists of debtors and creditors;
• list of fixed assets;
• bank account printout for the last six months;
• statutes;
• documents substantiating the impact of Covid-19 on the company’s financial situation (for example, bank account statement for 2019, comparison of monthly turnover data in 2020 and 2019, data on rejected orders, unpaid invoices, etc.).

If the Borrower is not a subject to the regulatory requirements to prepare annual reports:

• annual income declaration (with income and expense calculation) for the last 2 years;
• operational income and expense calculation.

Maximum loan term: 3 years.

Maximum loan holidays: 12 months.

Interest rate: 1.9 - 2.9% per year.

Credit collateral: Real estate, movable property - commercial pledges, guarantees

Sectors, which are not financed:

• arms and ammunition trade;
• manufacture and sale of tobacco products;
• alcohol trade;
• gambling and betting;
• financial and insurance activities;
• real estate operations;
• real estate development.

Additional requirements:

• For the last 12 months no current negative records were found on the borrower, the borrower’s owner(s) or the borrower’s official (s), in the Credit Registry of Bank of Latvia and in other credit/debtor registries;
• The acceptance of a new obligation must be coordinated with a bank, if necessity of such coordination is provided for in an existing loan / lease agreements.
• * In case there is a group of related companies, the “firm in difficulty” characteristics are assessed and the maximum loan amount (1,000,000 EUR) is set for the group of companies

Free expert advice and more detailed information are available by phone, please call +371 25608110, or via email: This email address is being protected from spambots. You need JavaScript enabled to view it.