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Financial instruments for digital transformation of business

Support institution: Development Finance Institution (Altum)
Funding source: Recovery fund (AF)

Technology

Project submission:

Starting from February 22, 2023.

Objective:

To promote the digital transformation of business, the development of companies and the growth of turnover, by supporting productivity-oriented investments in the digital transformation tools of the business.

Funding applicant:

  • Micro, small, medium or large enterprises registered in Latvia.

Eligible actions:

  • Renovation and optimization of existing manufacturing facilities and other equipment for digitisation of business processes

  • Purchase of new equipment for digitisation of business processes [1]

  • Digitisation of traditional processes

  • Purchasing and implementing of solutions for Industry 4.0

  • Purchase of new equipment in the field of information and communication technologies (hereinafter referred to as ICT) related to the use of ICT products in the production process

  • Data storage solutions

  • Purchase of systems and equipment functioning in the 5G network.

 

[1] Business processes: administrative, personnel management, sales, resource management, data management, transport and logistics, production, quality control, operational management, strategic management processes.

Amount and intensity of support:

Available public funding for support EUR 45.143 million.

Large enterprise in Riga and Pieriga:

Loan amount (EUR): 100,000 - 7,000,000

Intensity of aid: 30%

Amount of aid (EUR): 30,000 - 1,000,000

Large enterprise in other regions:

Loan amount (EUR): 100,000 - 7,000,000

Intensity of aid: 35%

Amount of aid (EUR): 35,000 - 1,000,000

Micro, small or medium enterprise (regardless of region)

Loan amount (EUR): 100,000 - 7,000,000

Intensity of aid: 35%

Amount of aid (EUR): 35,000 - 1,000,000

Ineligible industries:

  • Fishing and aquaculture

  • Primary agriculture

  • Operations with real estate

  • Transport sector

  • Energy generation, distribution and infrastructure

  • Financial and insurance activities

  • Retail sale of alcoholic beverages

  • Manufacture and trade of tobacco products

  • Gambling and betting activities

  • Shipbuilding sector

  • Steel sector

  • Coal sector

  • Synthetic fibres sector

  • Retail sale of weapons and ammunition.

Support procedure:

  • The aid is provided in the form of a loan (with capital discount).

  • The aid is provided as a capital discount - a total or partial reduction in the principal amount of a loan is applied after achieving the goals and indicators set in digital transformation roadmap.

  • The Altum loan is at least equal to the amount of capital discount.

  • After the completion of the project, an assessment of what is planned on the road map should be carried out.

  • The capital discount shall be applied within 6 months of the completion of the project (if a positive opinion of the digital center has been received and Altum has been submitted).

  • If after the completion of the project, digital center gives a negative opinion, the capital discount will not apply, and the company should start repaying the principal amount of the Altum loan.

Pre-conditions for receiving support:

Enterprise:

  • conducts a digital maturity test to assess the current digital technology situation and identify areas where investment is needed;

  • receives a digital transformation roadmap, or an assessment conducted by the European Digital Innovation Center (EDIC), which including the activities, goals, tasks, and achievable results planned in the project;

  • invests in the development of the company's digital transformation in accordance with the roadmap.

We offer:

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