Commercial banks

• Altum
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ALTUM cooperation with commercial banks

^{Cooperation in lending}

ALTUM has specialized in lending to elevated risk projects, by providing loans also to such projects, which commercial banks usually are not willing to credit. Thus ALTUM performs complemental functions to market products provided by commercial banks. ALTUM may be regarded as a partner of commercial banks, with a mission to provide, together with commercial banks, the client the funding required for development of the client’s enterprise.

ALTUM finances business projects both on its own account, as well as jointly with commercial banks. In the case of joint financing, ALTUM cooperates with commercial banks, mutually coordinating opinions and agreeing on shareout of collateral and risk. Due to the state support, ALTUM may assume proportionately larger portion of risk than the commercial bank. Thus, it is achieved that the borrower further remains a client to its commercial bank.

ALTUM does not provide traditional banking services (servicing of current accounts, attraction of deposits etc.). These services are provided by the commercial bank servicing the entrepreneur.

To this moment, cooperation agreements in SME financing are signed with Swedbank (July 2006) and DnB NORD Banka (April 2007). The cooperation agreements encompass joint financing of business start-ups and other client groups. Mutual exchange of information on business environment and development of new support programme is important to the banks under these agreements.

Cooperation in providing guarantees

Applicants for support may apply for housing guarantees under the programme to those commercial banks, which the Mortgage bank has signed respective cooperation agreements with. At the present moment, cooperation agreements have been signed withNordea bank and DnB NORD Bank.