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.
Business Incubators of the Latvian Investment and Development Agency (LIAA)
The goal of LIAA business incubators is to support the creation and development of new, viable and competitive enterprises in order to provide individuals and enterprises with the necessary conditions for starting a business or developing an idea, creating a space for collaboration, new businesses community, consulting, training, organizing events for general business issues, mentor support and co-financing for business development.
Latgale Entrepreneurship Centre (LEC)
Goal is to create unified consulting network and provide coordinated support for business development in region. Centre provides support for entrepreneurs who are already operating in region and motivates others to start a business.
The Central Finance and Contracting Agency (CFLA)
Does supervision of implementation of EU funding and other financial instrument projects that are important for development of Latvia.
Strategic Aims or Priorities
- Selection or projects pursuant to the laws and regulations and principles of good administration, control of achievement of results and use of funding.
- Professional, development-oriented and result-oriented personnel.
- Clients, who are well educated about implementation of projects and the statutory requirements and are satisfied with the Agency’s services.
Latvian Chamber of Commerce and Industry (LCCI)
is the biggest association of entrepreneurs in Latvia uniting more than 2500 members – micro, small, medium and large enterprises of all regions and industries, associations, city business clubs and other unions of entrepreneurs. Association represents interests of entrepreneurs, as well as provides services, so that Latvia has excellent enterprises in an excellent business environment. Main sectors of its activities are business environment, competitiveness of enterprises, export.
ALTUM is a state-owned development finance institution, which offers state aid for various target groups with the help of financial tools (such as loans, credit guarantees, investing in venture capital funds, etc.). ALTUM develops and implements state aid programmes to compensate for the market's shortcomings that can't be solved by private financial institutions.
Latvian Rural Advisory and Training Centre
Provide advice and services related to industry’s production processes, accounting, and business planning to rural entrepreneurs, organizations, and population, as well as to undertake studies, educate, and inform.