Mission/ profile
Mission of ALTUM
The mission of Promotional programmes office ALTUM operation is to provide competitive economy, expanding the scope of financial support opportunities by its operation to some definite groups of entrepreneurs or population according to the Government-established priorities.
Operation profile
ALTUM is a structural unit of the state joint-stock company “Mortgage and Land Bank of Latvia” (“Latvijas Hipotēku un zemes banka”) (Mortgage bank), crediting entrepreneurs and providing support of other types under national and European Union promotional programmes.
ALTUM was established in order to separate in the Mortgage bank, according to the EU Commission requirements, the state support functions from the traditional banking services, offered also by other commercial banks of Latvia. Separation of support functions and employees into a separate structural unit ensures that the state support shall not be used for financing commercial activities of the bank.
ALTUM employs highly qualified specialists, who have obtained experience in handling promotional programmes in Mortgage bank as well as public management institutions.
The primary product of ALTUM is subprime loans to projects of good survivability and development prospective, which are not financed by commercial banks due to insufficient mortgage collateral and other project risks. Moreover, commissioned by the Government, ALTUM also implements other promotional programmes, including training and consulting programme for business start-ups and housing guarantees programme.
Information on ALTUM programmes
In five years of its operation ALTUM has gathered a significant experience and expertise in realization of promotional programmes. For details of state supported programmes implemented by ALTUM, please, see the promotional programmes section. Information on actual stage of implementation of current programmes is available here. Information on the results of the previous ALTUM programmes is available here.
Besides ALTUM activities access to finance is provided also by other institutions. Links to homepages of these institutions as well as other useful resources of information for entrepreneurs are available here.
