Short answer
ALTUM is Latvia’s state development finance institution, offering loans and other financial instruments to companies. For digitalisation, ALTUM offered loans with a capital rebate under the Recovery Fund from 2023 — part of the loan may not have to be repaid. Current terms and availability should be checked on the ALTUM website.
How a grant differs from a loan with a capital rebate
- A grant (for example, LIAA) — part of the cost is covered with no repayment.
- A loan with a capital rebate — you borrow, but part of the principal is written off once the conditions are met.
Who it might suit
Companies planning a bigger digitalisation project — for example, introducing an ERP or a custom system, automation or digitalising production — that need financing over a longer period.
What to keep in mind
- Terms, available funding and deadlines change — check ALTUM’s current information.
- Such financing is usually state aid (for example, de minimis), which affects how much support a company can receive in total.
- The bank or ALTUM will assess the project’s business case and the company’s financial position.
A project business case is useful either way — see how to prepare an IT project for a funding application.
Sources
- 1. ALTUM