Currently the program is not accepting new applications. Acceptance of applications for a loan with capital rebate ended on April 2, 2024.

Altum Supplementary loan is available for co-financing an investment project for which an application for a loan with capital rebate has been already submitted.

 

The state support is intended for medium-sized and large companies planning to invest at least 10 million EUR.

 

A loan of up to 30% of eligible project costs with capital rebate of up to 100% of the loan principal can be significant support.

 

The support is intended for projects implemented in smart specialization areas such as photonics and smart materials, technology, engineering systems, smart energy, and mobility; biomedicine, medical technology, pharmacy; knowledge-intensive bioeconomy, information and communication technology. Furthermore, this project selection round has been expanded  to also include tourism,  culture and creative industries.

 

The programme is implemented by The Investment and Development Agency of Latvia (LIAA) and ALTUM.

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Investment projects are selected and decisions on the approval and further promotion of applications are taken by LIAA. Only those investment projects that have been capital rebate approved by LIAA will be eligible for a loan with capital rebate.

 

Capital rebate is a complete or partial reduction of the ALTUM loan principal. The maximum amount of the capital rebate for a project is determined during the allocation of the loan, while the actual amount of the capital allowance applied depends on the performance of the project in the post-monitoring phase.

 

 

You can apply for ALTUM loan with capital rebate if:

  • You are a medium-sized or large company
  • Project will be implemented in the eligible sectors
  • Total eligible costs of the project are at least EUR 10 m
  • The project involves investments in a start-up or an expansion of production / provision of services
  • The project implementation has not started before the submission of the application to Altum. The project may be started only after Altum has conducted an on-site check. In case you plan to apply for a Supplementary loan, do not start to implement the project until Altum has decided on the  loan with capital rebate and on the  Supplementary loan.

 

The loan is only granted in the  amount of the capital rebate.

  • A loan of up to 30% of eligible project costs (up to EUR 10 m) with capital rebate of up to 100% of the loan principal
  • Up to 20 years
  • Eligible project costs are material and non-material assets, such as equipment; eligible costs are limited in relation to construction and real estate acquisition costs – up to 40% of the eligible project costs.
  • Aid intensity (for projects with total eligible costs of up to EUR 55 m ): in Riga Region and administrative territories of Pierīga (including Limbaži district, Ogre district, Saulkrasti district, and Tukums district) 30% (for large companies) or 40% (for medium-sized companies); in Kurzeme, Zemgale, Vidzeme, and Latgale regions- 50% (for large companies) or 60% (for medium-sized companies).

 

Financing is not provided for:

  • Current assets
  • VAT
  • Project preparation
  • Purchase of vehicles

In the new selection round, attracting another financier to co-finance the investment project is no longer a mandatory condition.

However, if it is not possible to fully finance the investment project with your own resources and Altum loan with capital rebate:

  • Contact another financier (such as your bank) about the possibility of co-financing the investment project! Altum loan is subordinated to the other financier’s loan and secured with a lower collateral. The loan interest rate is equal to the loan interest rate of the other financier. The Altum loan does not exceed the amount of the other financier’s loan (the other financier’s loan must be in EUR)

or

Altum Supplementary loan is available for co-financing an investment project for which an application for a loan with capital rebate has been already submitted.

 

  • Up to EUR 30 m
  • Supplementary loan can only be granted if a loan with capital rebate has been granted (i.e., a combination of support; aid intensities apply, see section ‘Conditions’ for more details)
  • Up to 20 years
  • Grace – start to repay principal 2 years after the completion of the investment project
  • The cost eligibility conditions for the supplementary loan are the same as for the loan with capital rebate (see section ‘Conditions’ for more details)
  • You can apply for a supplementary loan if the investment project has not yet started. If you are still planning to apply for the supplementary loan or have already applied for it, do not start to implement the project until Altum has decided on  granting the loan with capital rebate and on the issue of the Supplementary loan
  • There is no capital rebate option for the Supplementary loan

To apply for a loan with capital rebate two separate applications shall be submitted – to LIAA and to ALTUM.

 

  • The application for an Altum loan with capital rebate can be submitted simultaneously with or  after the application to LIAA selection round.
  • Applications can only be submitted from December 11, 2023 to April 2nd, 2024, 23:59.
  • Find out more about the application process for the selection round organized by LIAA.
  • Apply for an Altum loan with capital rebate via mans.altum.lv.

To apply for a Supplementary loan, an additional application shall be submitted to ALTUM after submitting an application for a loan with capital rebate.

 

  • The applications for a Supplementary loan can be submitted starting from December 11, 2023.
  • Only projects that have not yet been started can apply for a Supplementary loan regardless of the selection round in which the application for a loan with capital rebate has been submitted, provided that Altum has not yet decided to issue the loan with capital rebate.
  • The application for a Supplementary loan does not need to be submitted to LIAA.
  • Apply for an Altum Supplementary loan via mans.altum.lv.
  • Altum will contact you separately regarding additional documents to be submitted.
  • Altum makes its decision after a positive decision by LIAA on the selection round, following the receipt of all information related to the project evaluation, and in case of co-financing with another financier – after receiving a positive decision from the other financier (e.g., bank).

Post-monitoring is initiated:

  • by the company within two years after the completion of the project (company’s notice to start post-monitoring phase), or
  • by LIAA after two years after the completion of the project (mandatory start of the post-monitoring phase).

Post-monitoring lasts for 3 consecutive years. After each post-monitoring year LIAA checks if the project’s KPIs are achieved. ALTUM applies the capital rebate according to LIAA’s decision on the achievement of the project’s KPIs.

* If two years have passed since the completion of the project and no customer’s notice to start the  post-monitoring phase has been received

** 1/3 of the Altum loan principal may be reduced

***The company loses 1/3 of the maximum available capital rebate for the project

 

The capital rebate is applied in three equal parts. After each post-monitoring year, 1/3 of the loan issued can be reduced.

 

If the company fails to achieve the project’s KPIs in a given post-monitoring year, the capital rebate for the relevant post-monitoring year is not applied, and the company loses the corresponding 1/3 of the maximum available capital rebate for the project.

 

A capital rebate of up to 100% of the Altum loan is applied if the company succeeds to achieve the project’s KPIs during the post-monitoring period.

KPIs in the new selection round organized by LIAA
KPIs in the previous selection rounds organized by LIAA

 

If the company has passed LIAA selection round by declaring more KPIs or setting higher KPI targets, in the post-monitoring LIAA will evaluate if the project’s KPIs have been achieved in accordance with the targets declaredin the selection round.

Commission fees are applied for the issuance of the Altum loan with capital rebate, the Supplementary loan, and other services provided within the program.

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