The programme is being implemented as part of the European Union’s Recovery and Resilience Facility (RRF) of #NextGenerationEU. It is an opportunity for enterprises to boost their productivity by investing in digitalisation.
The loan is available for the implementation of digital transformation projects in Latvia to:
- General economic sector companies (the loans are not available to companies operating in the agricultural and fisheries sector)
- Micro, small, medium and large-sized enterprises registered in the Commercial Register
Supportable digitalisation activities:
Loans are not available for:
- Projects implemented in industries not supported by the programme
- Investments in energy production equipment (including for own consumption)
- Purchase of standard computer hardware
- Support and adaptation of existing software
- Purchase of real estate
- Construction costs exceeding 10 percent of the project’s total costs
- Payment of VAT
The conditions of the digitalisation programme are regulated by the Cabinet of Ministers Regulations No.421 of 05.07.2022.
The Altum loan is fully or partially extinguished after the project’s completion and receipt of the European Digital Innovation Centre’s opinion on the fulfilment of the conditions. The amount of the capital discount in which the Altum loan will be extinguished is determined before the conclusion of the contract, taking into consideration the limits of the amount of the capital loan and permissible support intensities.
Two types of loans are available within the programme:
Altum loan repayment term – up to 10 years
The Altum loan is extended for covering eligible costs, i.e., investments in tangible and intangible assets.
! Important – the Altum direct loan is available if:
- the loan is necessary only in the amount of the capital discount
- or a funding request has been submitted to a credit institution and the credit institution has refused to finance the project
In order to qualify for support, the applicant must take a digital maturity test in cooperation with one of the European Digital Innovation Hubs (EDIH) and, as part of the test, receive a digital development roadmap, which must be submitted to Altum together with the loan application.
For the digital maturity test and roadmap apply at an EDIH:
After receiving the roadmap, the applicant can apply for the loan at their bank or Altum.
Note: If the required loan is larger than the possible capital discount, you must first contact another financer, such as a credit institution, to agree on the financing structure or to obtain the other funder’s consent to Altum being the sole financer of the project.
Preparation of the application and conclusion of the agreement:
- Take the initial digital maturity test with an EDIH and prepare the digital development roadmap on the necessary investments and planned results of the project
- Prepare the project’ s cost estimate, identifying suppliers and listing the investments to be made in the project. Determine the amount of external financing required for the project
- Find out about the bank’s readiness to co-finance the project and, if necessary, fill out a loan application
- Depending on the amount of financing offered by the bank, submit a parallel loan application or apply for a direct ALTUM loan at mans.altum.lv if the bank will not be co-financing the project
- ALTUM decides on granting the loan, determining the amount of the capital discount
Implementation of the project and application of the capital discount:
- Receive the loan granted to you and implement the project to achieve the planned results
- Upon the project’s completion, take a second digital maturity test with EDIH and receive an opinion on the fulfilment of the investments and objectives set out in the roadmap
- Within 6 months of the project’s completion submit the opinion you have received from the EDIH to Altum
- If the EDIH opinion is positive, Altum can apply the capital discount by fully or partly extinguishing the principal amount of the Altum loan
- If a negative opinion has been received or it has not been submitted, Altum does not apply the capital discount and the applicant starts repaying the principal amount according to the initial loan schedule