Who we are
JSC Development Finance Institution ALTUM is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments – loans, guarantees, investments in venture capital funds – in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. The funding for implementation of state support programmes comprises both EU funds and national public funding as well as funding raised by ALTUM with international institutions and capital markets.
State aid programmes administered by ALTUM, are implemented with public resources –European Union and other international institutions, national and ALTUM’s attracted financing.
The holders of ALTUM shares are ministries of the Republic of Latvia as with following split of the shares – the Ministry of Finance 40%, the Ministry of Economics 30% and the Ministry of Agriculture 30% respectively.
Moody’s Investors Service assigned long-term credit rating to ALTUM of Baa1 has remained the same since 2017 and is one of the highest credit ratings assigned to a corporate entity in Latvia.
Mission
We help Latvia grow!
Vision
To be a partner and financial expert
in economical development.
What we do?
- We finance business founders and self-employed individuals, investments in growth, competitiveness, technology, and innovation
- We finance farmers and entrepreneurs in rural areas
- We finance sustainability projects and investments to increase energy efficiency
- We insure export transactions
- We invest in venture capital funds
- We ensure operations of the Land Fund for farmers
- We support housing accessibility for residents
- We manage the ALTUM capital fund
Our values
Team
We work professionally in a unified team together with our customers and partners, thereby creating and implementing effective state aid programmes that are relevant to our client's needs.
Excellence
Making use of our experience and creative perspective, we strive for excellence in everything we do. We constantly develop ourselves. We take on the complicated, yet finish with simplicity. We look at things and challenges creatively.
Responsibility
We strive to reach our goals, pursue everyday work with efficiency, fairness and respect.
Strategic development
ALTUM Strategy 2025-2027
The ALTUM Strategy 2025-2027 is currently in the final stages of approval. Recognising that the Latvian economy will continue to face credit challenges and that ALTUM’s involvement in facilitating access to finance will be vital in the coming period, the Strategy sets out the following strategic development directions and key long-term objectives:
The main financial objective of the State aid programmes is to ensure a positive return on Altum's capital
The main non-financial objective is to facilitate access to finance for economic development, focusing on:
- Implementation of the new EU funds programming period 2021-2027. The programmes focus on climate change mitigation solutions and sustainable financing for business, including developing a range of financial instruments in the areas of innovation, R&D, productivity and digitalisation, energy efficiency in both the residential and business segments;
- Promoting affordable housing in the regions
- Increasing the role of equity instruments for business finance through the active implementation of 5th generation equity funds for early to growth stage companies
- Introduction of Baltic Capital Market Acceleration Funds (IPO Fund) to support capital market development
- Further development of the Latvian Land Fund (Latvijas Zemes fonds)
Increasing Altum's role in direct lending through active lending and servicing, including, given the inadequate supply from the private sector, the launch of private housing lending in the regions of Latvia
To modernise Customer Service and optimise loan application evaluation processes, IT systems replacement and implementation of Customer Relationship Management (CRM) platform technologies
Governance
The Company’s operations are regulated by its specific law the Development Finance Institution Law.
Articles of Association are approved by the Cabinet of Ministers of the Republic of Latvia. The Company’s governance is based on best practise of corporate governance and set in accordance with Law On Governance of Capital Shares of a Public Person and Capital Companies, the Commercial Law, the Cabinet Regulations regarding ALTUM Advisory Council, Corporate Governance Code and other binding regulatory acts.