Available financial resources
Local government support
Local governments can support investors by:
- Investing in the local hard infrastructure (roads, water supply, sewage, etc.);
- Providing speedy services with the use of current information technologies;
- Awarding land lease contracts for periods up to 30 years for the land and 12 years for other real estate;
- Provide tax rebates for real estate tax for up to 90%;
- Develop municipal territory marketing programs;
- Various other support for businesses as well as job seekers.
Funding from European Union
Since joining the European Union in 2004, any Latvian registered company, regardless of the nationality of the owners, have the opportunity to qualify for funding from European Union.
In addition, companies have access to other funding programs such as the Norwegian Financial Mechanisms, Financial instruments against climate change, Latvian-Swiss cooperation program, NGO fund, etc.
The most important programs that are planned in the following period of 2014 – 2020 are listed below.
- High Value Added Investments (support for the acquisition of new equipment in order to promote new products which are of high added value and can be exported abroad);
- Business incubators (support for start-ups, Latgale has a business incubator “Ideju Viesnica”, society “Latgales Aparatbuves tehnologiskais centrs”, Incubators work in Daugavpils, Balvi, Livani, Preili, Rezekne and Ludza);
- International trade markets, international marketing (support for participation in international exhibitions and other activities for product promotion);
- Support for green technologies in manufacturing (support for the acquisition of equipment for the manufacture of new, eco-friendly products or significantly decreases the use of energy);
- Support for energy efficient buildings (support for eco-friendly energy production (boilers using renewable resources, solar panels) and other activities which can increase the energy efficiency in production (like building insulation));
- Support for investments in the development or reconstruction of production facilities
Currently there are 17 banks in Latvia. Largest banks are based in Scandinavia. These banks have sufficient capital and are trusted in the local and international markets.