Regulations Regarding Loans for Promoting the Development of Micro, Small, and Medium-sized Performers of Economic Activity and Agricultural and Forestry Service Cooperative Societies

[26 September 2017]

Issued pursuant to
Section 12, Paragraph four
of the Law on Development Finance Institution,
Section 20, Clause 14
of the Law on Management of European Union
Structural Funds and the Cohesion Fund
for the 2014-2020 Programming Period,
and Section 19, Clause 14
of the Law on Management of European Union Funds
for the 2021-2027 Programming Period

[9 January 2024]

I. General Provisions

1. The Regulation prescribes:

1.1. the conditions for granting aid in the form of a loan (hereinafter - the loan) to promote the development of micro, small, and medium-sized performers of economic activity (hereinafter - the performers of economic activity) and also for implementing measures to improve energy efficiency, promote renewable energy sources, reduce carbon dioxide emissions, and lower energy costs for final consumers (hereinafter - the energy efficiency measures);

1.2. the conditions for granting aid in the form of loans within the scope of the funding referred to in Paragraph 5 of this Regulation, and the procedures for implementing, in the form of direct financial instruments, Activity 3.1.1.7 "Loans for the Development of Micro, Small and Medium-sized Performers of Economic Activity" of Specific Objective 3.1.1 "Promotion of Establishment and Development of Small and Medium-sized Entrepreneurs, Especially in Manufacturing and RIS3 Specialisation Areas" of the Operational Programme "Growth and Employment" (hereinafter - Activity 3.1.1.7), Activity 13.1.1.1 "Loans for Promoting the Development of Micro, Small, and Medium-sized Performers of Economic Activity" of Specific Objective 13.1.1 "Recovery Measures in Economic Sector" (hereinafter - Activity 13.1.1.1), and Activity 1.2.3.5 "Loans for Increasing Productivity (Investments and Working Capital)" of Specific Objective 1.2.3 "Promoting Sustainable Growth and Competitiveness of Small and Medium-sized Enterprises (SMEs) and Job Creation in SMEs, Including by Productive Investments" of the European Union's Cohesion Policy Programme for 2021-2027 (hereinafter - Activity 1.2.3.5) (hereinafter together - the Activity);

1.3. the procedures for implementing the aid;

1.4. the available funding or source thereof, the activity to be aided, and the conditions for the eligibility of costs.

[16 November 2021; 9 January 2024]

2. Loans shall be provided by akciju sabiedrība "Attīstības finanšu institūcija Altum" [joint-stock company Development Finance Institution Altum] (hereinafter - the company Altum). The referred to loans supplement the financing available from credit institutions on the financial market.

[22 July 2014; 18 June 2019]

3. The purpose of the Regulation is to improve access to funding for performers of economic activity registered in Latvia in order to promote the development of the national economy of the Republic of Latvia and the implementation of energy efficiency measures, and also to provide aid for the reconstruction and development of Ukraine and the restoration of its economic activity.

[25 November 2025]

4. The company Altum shall provide working capital loans and investment loans to the performers of economic activity.

[22 July 2014]

4.¹ Within the scope of Activity 1.2.3.5, the company Altum shall provide aid to the performers of economic activity referred to in Sub-paragraphs 7.2 and 7.6 of this Regulation in the form of loans referred to in Chapters II and III of this Regulation.

[9 January 2024]

4.² Within the scope of Activity 1.2.3.5, investments in working capital shall be subordinated to investment loans.

[9 January 2024]

5. The public funding available to the company Altum for the implementation of the loan programme shall be EUR 41 000 000, including the funding from the European Regional Development Fund (hereinafter - the ERDF) in the amount of EUR 25 000 000 for the performers of economic activity referred to in Sub-paragraphs 7.1 and 7.2 of this Regulation, in order to finance the loans referred to in Chapters II and III of this Regulation under Activity 3.1.1.7, and the ERDF funding in the amount of EUR 13 600 000 and State budget funding in the amount of EUR 2 400 000 for the performers of economic activity referred to in Sub-paragraphs 7.1 and 7.2 of this Regulation, in order to finance the loans referred to in Chapters II and III of this Regulation under Activity 13.1.1.1 with the possibility to change (increase or decrease) the ERDF funding separately for each of Activities 3.1.1.7 and 13.1.1.1, without exceeding the total ERDF funding which is available for each Activity for the specific objectives of the relevant priority direction in the fund of funds, in accordance with Sub-paragraphs 3.1, 3.2, or 3.3 of Cabinet Regulation No. 118 of 1 March 2016, Regulations Regarding the Procedures for the Implementation of Financial Instruments and Fund of Funds for the Introduction of Activities of Specific Objective 3.1.1 "Promotion of Establishment and Development of Small and Medium-sized Entrepreneurs, Especially in Manufacturing and RIS3 Specialisation Areas", Activities of Specific Objective 3.1.2 "Increase the Number of Fast-growing Entrepreneurs", and Activity 13.1.1.1 "Establishment and Development of Small and Medium-Sized Enterprises" of Specific Objective 13.1.1 "Recovery Measures in Economic Sector" of the Operational Programme "Growth and Employment". In addition, the following funding shall be available to the company Altum:

5.1. in the amount of EUR 5 000 000 for the establishment of a guarantee and interest rate grant fund. The source of funding shall be the share of the repaid public funding in the amount of EUR 2 500 000 from the National Programme 2.4.1 "Loans (Including Micro-credits) for Business Start-ups" from the European Union funds for the 2004-2006 programming period and the share of the public funding of refunds in the amount of EUR 2 500 000 from Activity 1.3.1.2 "Support for Commencing Self-employment or Entrepreneurship" of the Operational Programme "Human Resources and Employment" of the European Union funds for the 2007-2013 programming period;

5.2. in the amount of EUR 1 772 360 for covering the first losses of the loans referred to in Chapter III.¹ of this Regulation. The source of funding shall be the share of the unused public funding in the amount of EUR 581 642 within the scope of Sub-activity 2.2.1.4.1 "Support in the Form of Loans for Improving Competitiveness of Entrepreneurs" of the Operational Programme "Entrepreneurship and Innovations" of the European Union funds for the 2007-2013 programming period and the share of the unused public funding in the amount of EUR 1 190 718 within the scope of Activity 1.3.1.2 "Support for Commencing Self-employment or Entrepreneurship" of the Operational Programme "Human Resources and Employment" of the European Union funds for the 2007-2013 programming period;

5.3. in the amount of EUR 2 000 000 for financing the loans referred to in Chapter III.² of this Regulation and for covering the first losses. The source of funding shall be the share of the repaid public funding under Sub-activity 2.2.1.4.2 "Mezzanine Loans and Guarantees for Improvement of Competitiveness of Economic Operators" of the Operational Programme "Entrepreneurship and Innovations";

5.4. up to EUR 20 000 000 - the share of the repaid public funding of the funding available for Activities 3.1.1.7 and 13.1.1.1 referred to in Paragraph 5 of this Regulation. This share of the repaid public funding shall also be available for further implementation of the programme;

5.5. the funding intended for Activity 1.2.3.5 for financing the loans referred to in Chapters II and III of this Regulation in accordance with the laws and regulations governing the implementation of financial instruments of the European Union's Cohesion Policy Programme for 2021-2027;

5.6. for financing the loans referred to in Chapters III.¹ and III.² of this Regulation - a State loan and additional resources from international financial institutions or financial markets;

5.7. in the amount of EUR 4 000 000 in State budget funding outside the fiscal space for one-off measures for the support and reconstruction of Ukraine, providing for the granting of the loans referred to in Chapters II and III of this Regulation to entrepreneurs registered in Latvia, if an investment loan or a working capital loan is required for the production of goods and provision of services or the acquisition of capital shares in companies that contribute to the reconstruction and development of infrastructure of Ukraine and the restoration of its economic activity.

[9 January 2024; 25 June 2024; 25 November 2025]

5.¹ The Ministry of Economics shall enter into a contract with the company Altum on the procedures for the use, supervision, and granting of the additional available funding referred to in Sub-paragraphs 5.1, 5.2, and 5.3 of this Regulation.

[16 November 2021]

5.² The company Altum shall establish an internally separated guarantee and interest rate grant fund in accordance with the additional available funding referred to in Sub-paragraph 5.1 of this Regulation.

[16 November 2021]

5.³ In order to ensure funding for the granting of loans within the framework of this Regulation, the company Altum shall additionally attract a State loan of up to EUR 110 000 000 in accordance with the laws and regulations regarding the procedures for granting and servicing State loans, without applying a risk interest rate for a loan. The company Altum may attract additional resources for the granting of loans from international financial institutions or in financial markets, including by providing joint funding together with other market participants. Loans granted within the framework of this Regulation may be financed from the resources referred to in this Paragraph and in Paragraph 5 of this Regulation.

[9 January 2024]

5.⁴ The company Altum shall establish a loan fund in accordance with the conditions referred to in Paragraph 5 of this Regulation (except for Sub-paragraph 5.5). The company Altum shall establish a special fund in accordance with the conditions referred to in Sub-paragraph 5.5 of this Regulation.

[9 January 2024]

5.⁵ Management costs of the company Altum:

5.⁵1. within the loan fund referred to in Paragraph 5.⁴ of this Regulation, shall be covered throughout the entire implementation period of the programme from the repaid public funding for loans granted under the European Regional Development Fund funding, in conformity with the assessment of programmes developed in accordance with the requirements of Section 12, Paragraph three of the Law on Development Finance Institution;

5.⁵2. during the implementation of Activity 1.2.3.5, shall be covered from the funding of Activity 1.2.3.5 in conformity with the assessment of programmes developed in accordance with the requirements of Section 12, Paragraph three of the Law on Development Finance Institution and the threshold values specified in Article 68(4) of Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy (hereinafter - Regulation 2021/1060);

5.⁵3. within Activity 1.2.3.5, after the end of the eligibility period, shall be covered from the repaid public funding up to two per cent of the average annual amount of the credit portfolio, but not more than EUR 600 000.

[9 January 2024]

5.⁶ Within Activity 3.1.1.7, the output indicator to be achieved by 31 December 2023 shall be 125 performers of economic activity who receive financial aid other than grants.

[16 November 2021]

5.⁷ Within Activity 13.1.1.1 by 31 December 2023:

5.⁷1. the output indicator to be achieved - 45 performers of economic activity who receive financial aid other than grants;

5.⁷2. performance indicators to be achieved:

5.⁷2.1. the number of small and medium-sized entrepreneurs per 1000 inhabitants - 40 entrepreneurs;

5.⁷2.2. productivity of small and medium-sized entrepreneurs per employee (in euros, at 2010 constant prices) - EUR 16 757.

[7 March 2023]

6. The final deadline for entering into loan agreements shall be the deadline specified in:

6.1. Article 7(3) and Article 8 of Commission Regulation (EU) 2023/2831 of 13 December 2023 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (Official Journal of the European Union, 15 December 2023) (hereinafter - Commission Regulation No 2023/2831);

6.2. Article 7(4) and Article 8 of Commission Regulation (EU) No 1408/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the agriculture sector (Official Journal of the European Union, 24 December 2013, L 352) (hereinafter - Commission Regulation No 1408/2013);

6.3. Article 7(4) and Article 8 of Commission Regulation (EU) No 717/2014 of 27 June 2014 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the fisheries and aquaculture sector (Official Journal of the European Union, 28 June 2014, L 190/45) (hereinafter - Commission Regulation No 717/2014);

6.4. Article 63(4) and Article 64 of Commission Regulation (EU) 2022/2472 of 14 December 2022 declaring certain categories of aid in the agricultural and forestry sectors and in rural areas compatible with the internal market in application of Articles 107 and 108 of the Treaty on the Functioning of the European Union (Text with EEA relevance) (hereinafter - Commission Regulation 2022/2472);

6.5. Article 58(4) and Article 59 of Commission Regulation (EU) 2022/2473 of 14 December 2022 declaring certain categories of aid to undertakings active in the production, processing and marketing of fishery and aquaculture products compatible with the internal market in application of Articles 107 and 108 of the Treaty on the Functioning of the European Union (hereinafter - Commission Regulation 2022/2473);

6.6. Article 58(5) and Article 59 of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (Official Journal of the European Union, 26 June 2014, L 187) (hereinafter - Commission Regulation No 651/2014).

[7 April 2020; 16 November 2021; 9 January 2024; 25 June 2024]

7. Within the meaning of this Regulation, performers of economic activity shall be:

7.1. micro, small, and medium-sized cooperative societies which have been granted the status of conformity in accordance with the laws and regulations governing the operation of cooperative societies;

7.2. micro, small, and medium-sized performers of economic activity which correspond to the definitions laid down in Annex I to Commission Regulation No 651/2014;

7.3. micro, small, and medium-sized performers of economic activity which are engaged in the production of agricultural products and correspond to the definitions laid down in Annex I to Commission Regulation 2022/2472;

7.4. micro, small, and medium-sized performers of economic activity which are engaged in the production, processing and marketing of fishery and aquaculture products and correspond to the definitions laid down in Annex I to Commission Regulation 2022/2473;

7.5. large performers of economic activity which correspond to Article 2(24) of Commission Regulation No 651/2014;

7.6. small mid-cap and mid-cap companies which correspond to Article 2 of Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 - the European Fund for Strategic Investments.

[13 March 2012; 22 July 2014; 16 December 2014; 3 May 2016; 26 September 2017; 18 June 2019; 16 November 2021; 9 January 2024]

8. Loans shall be granted to the performers of economic activity, which have economically substantiated plans for further activities but due to increased risk do not have access to financing from credit institutions.

8.¹ [18 June 2019]

8.² [18 June 2019]

9. [18 June 2019]

10. Loans shall not be granted to the performer of economic activity if:

10.1. it has a debt of taxes (fees) administered by the State Revenue Service, except for the case if an extension of the payment term has been granted thereto or the State Revenue Service has taken the decision on voluntary execution of late tax payments, or a settlement agreement has been concluded;

10.2. when submitting the loan application referred to in Paragraph 14, 15, 15.¹, 21, 22, 22.¹, 30.², 30.10, or 30.11 of this Regulation, insolvency proceedings have been declared for it by a court judgment, legal protection proceedings have been initiated or are being implemented, or the performer of economic activity meets the criteria specified in the laws and regulations on the basis of which the creditor may request insolvency procedure;

10.3. when submitting the loan application referred to in Paragraph 22 of this Regulation, it corresponds to the status of a performer of economic activity in difficulty in accordance with Article 2(59) of Commission Regulation 2022/2472;

10.4. when submitting the loan application referred to in Paragraph 22.¹ of this Regulation, it corresponds to the status of a performer of economic activity in difficulty in accordance with Article 2(29) of Commission Regulation 2022/2473;

10.5. it is the performer of economic activity referred to in Sub-paragraph 7.5 or 7.6 of this Regulation which applies for a loan in accordance with Commission Regulation No 2023/2831, and its financial situation is below a "B-" credit rating in accordance with Article 4(3)(a) of Commission Regulation No 2023/2831;

10.6. it is the performer of economic activity referred to in Sub-paragraph 7.3 or 7.4 of this Regulation which applies for a loan in accordance with Commission Regulation No 1408/2013 or Commission Regulation No 717/2014, and its financial situation is below a "B-" credit rating in accordance with Article 4(3)(a) of Commission Regulation No 1408/2013 or Article 4(3)(a) of Commission Regulation No 717/2014.

[22 July 2014; 13 October 2015; 3 May 2016; 26 September 2017; 18 June 2019; 16 November 2021; 9 January 2024; 25 June 2024]

11. Within the scope of this Regulation, aid shall not be granted to the following activities and sectors of performers of economic activity:

11.1. trade in weapons and ammunition (Nomenclature of Economic Activities in the European Communities Revision 2, Update 1 (hereinafter - NACE Rev. 2.1), Class 47.63 "Retail sale of sporting equipment");

11.2. manufacture and sale of tobacco products (Division 12 "Manufacture of tobacco products", Class 46.35 "Wholesale of tobacco products", and Class 47.26 "Retail sale of tobacco products", and Class 47.92 "Intermediation service activities for specialised retail sale" of NACE Rev. 2.1);

11.3. gambling and betting activities (Division 92 "Gambling and betting activities" of NACE Rev. 2.1);

11.4. financial and insurance activities (Section L "Financial and insurance activities" of NACE Rev. 2.1), except for undertakings of financial technologies or such undertakings which are developing new business models, bringing innovations to life, creating new financial products and services, improving the types of provision of services and business models;

11.5. real estate activities (Section M "Real estate activities", Group 68.1 "Real estate activities with own property and development of building projects" and Class 68.31 "Intermediation service activities for real estate activities" of NACE Rev. 2.1), except for real estate (structures) whose main type of use, in accordance with the regulatory framework regarding classification of structures, is a building with three or more apartments and whose building, restoration, or rebuilding is carried out by the performer of economic activity outside the administrative territory of Jūrmala State city, Rīga State city, and the adjacent municipalities of Rīga State city (Mārupe municipality, Olaine municipality, Ķekava municipality, Salaspils municipality, Ropaži municipality, Ādaži municipality);

11.6. sale of alcohol (Class 46.34 "Wholesale of beverages", Class 47.25 "Retail sale of beverages", and Class 47.92 "Intermediation service activities for specialised retail sale" of NACE Rev. 2.1);

11.7. acquisition of vacant land and implementation of other projects co-funded by European Union Structural Funds and the Cohesion Fund, if the loan is financed using the funding referred to in Paragraph 5 of this Regulation.

[25 November 2025]

11.¹ In addition to the conditions referred to in Paragraph 11 and Sub-paragraph 14.2 of this Regulation, the working capital financed within the scope of Activity 1.2.3.5 shall not be granted for the following sectors and activities:

11.¹1. for the sectors specified in Article 7(1) of Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund (hereinafter - Regulation 2021/1058);

11.¹2. for activities which are considered as actually completed or fully implemented before the application for the receipt of funding under the aid programme is submitted in conformity with Article 63(6) of Regulation 2021/1060;

11.¹3. for extinguishing current or new liabilities, including debt interest, in accordance with Article 64(1)(a) of Regulation 2021/1060.

[9 January 2024]

11.² In addition to the conditions referred to in Paragraphs 11, 12.⁷, 21.², and 21.³ of this Regulation, investment loans financed within the scope of Activity 1.2.3.5 shall not be granted for the following sectors and activities:

11.²1. for the sectors specified in Article 7(1) of Regulation 2021/1058;

11.²2. for activities which are considered as actually completed or fully implemented before the application for the receipt of funding under the aid programme is submitted in conformity with Article 63(6) of Regulation 2021/1060;

11.²3. for extinguishing current or new liabilities, including debt interest, in accordance with Article 64(1)(a) of Regulation 2021/1060.

[25 June 2024]

12. [18 June 2019]

12.¹ The sectoral restrictions referred to in Sub-paragraphs 11.4 and 11.5 of this Regulation shall not apply to the loans referred to in Chapters III.¹ and III.² of this Regulation.

[7 April 2020]

12.² Within one month after the granting of a loan, the company Altum shall publish on its website information on the borrower, the purpose of the use of the loan, the amount of the loan, and the date of granting the loan. In respect of a loan granted in accordance with Commission Regulation 2022/2472, the financial institution shall ensure that the information is published in accordance with the requirements laid down in Article 9(1)(c) and (3) of Commission Regulation 2022/2472. In respect of a loan granted in accordance with Commission Regulation 2022/2473, the financial institution shall ensure that the information is published in accordance with the requirements laid down in Article 9(1)(c) and (3) of Commission Regulation 2022/2473.

[9 January 2024]

12.³ The company Altum shall publish information on the aid granted in accordance with Commission Regulation No 651/2014 in accordance with Article 9(1) and (4) of Commission Regulation No 651/2014.

[9 January 2024]

12.⁴ The funding referred to in Paragraph 5 of this Regulation shall cover losses from unrecovered loans granted within the scope of the loan fund and the special fund referred to in Paragraph 5.⁴ of this Regulation.

[9 January 2024]

12.⁵ In order to receive aid in accordance with Commission Regulation No 651/2014, the performer of economic activity shall take into account that the aid granted has an incentive effect in accordance with the characteristics referred to in Article 6(2) of Commission Regulation No 651/2014:

12.⁵1. the loan application conforms to the requirements included in Article 6(2) of Commission Regulation No 651/2014 in respect of the information to be included in the application and it has been submitted before the start of works in the project;

12.⁵2. if aid is provided for the same eligible project costs within several State aid programmes, the entrepreneur may only start works in the project after the project application for the project implementation has been received by all public institutions to which the entrepreneur has applied or plans to apply for the same project, and the project application contains all information on the planned and granted aid for the same project (including for the same eligible costs), indicating the date of granting the aid (including the planned date of granting the aid), the provider of aid, the aid measure, and the planned or granted amount of aid.

[9 January 2024]

12.⁶ In accordance with Article 2(23) of Commission Regulation No 651/2014, the start of works referred to in Sub-paragraph 12.⁵1. of this Regulation shall mean either the start of construction works relating to the investment or the first legally binding commitment to order equipment or any other commitment that makes the investment irreversible, whichever occurs first. Buying land and preparatory works such as receiving permits and conducting feasibility studies are not considered the start of works. For take-overs, the start of works means the moment of acquiring the assets directly linked to the acquired establishment. Project costs shall be eligible on condition that the works in the project have been started after submission of the loan application to the company Altum.

[9 January 2024]

12.⁷ If the aid is granted in accordance with Commission Regulation No 651/2014, the aid shall not be granted for the following:

12.⁷1. the activities specified in Article 1(2) of Commission Regulation No 651/2014;

12.⁷2. the sectors specified in Article 1(3) of Commission Regulation No 651/2014 in accordance with Article 2(8), (9), (10), and (11) of Commission Regulation No 651/2014;

12.⁷3. a recovery order in accordance with Article 1(4)(a) of Commission Regulation No 651/2014 applies to the performer of economic activity (at the level of a group);

12.⁷4. the performer of economic activity (at the level of a group) conforms to the status of an entrepreneur in difficulty in accordance with Article 2(18) of Commission Regulation No 651/2014, except for the exception referred to in Article 1(4)(c) of Commission Regulation No 651/2014. Compliance with the condition referred to in Article 2(18)(c) of Commission Regulation No 651/2014 shall be verified on the basis of a declaration submitted by the applicant for aid.

[25 June 2024; 25 November 2025]

12.⁸ [25 June 2024]

12.⁹ [25 November 2025]

12.¹⁰ In accordance with the conditions of Article 64(1)(c) of Regulation No 2021/1060, the value added tax on direct eligible costs shall be eligible within the scope of the activities to be aided under the Activity if it cannot be recovered in accordance with the laws and regulations in the field of tax policy.

[25 November 2025]

II. Working Capital Loans

13. Working capital loans are intended to supplement the working capital of the performers of economic activity.

13.¹ Working capital loans may be granted within the funding referred to in Sub-paragraph 5.7 of this Regulation to entrepreneurs registered in Latvia if they are required for the production of goods and provision of services that contribute to the reconstruction and development of infrastructure of Ukraine and the restoration of its economic activity, giving priority to the fields of energy, manufacturing industry, and information and communication technologies.

[25 November 2025]

13.² In order to ensure that the funding referred to in Sub-paragraph 5.7 of this Regulation is used according to its purpose and the specified activity, the company Altum has the right to request an opinion of the Ministry of Foreign Affairs prior to taking the decision on the granting of a loan.

[25 November 2025]

13.³ Within the funding specified in Sub-paragraph 5.7 of this Regulation, the unused funding and the funding obtained as a result of the repayment of loans granted shall be paid into the State budget and shall not be used for other purposes.

[25 November 2025]

14. For the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, and 7.6 of this Regulation:

14.1. working capital loans shall be granted as de minimis aid in accordance with Commission Regulation No 2023/2831;

14.2. working capital shall be granted in conformity with the sectoral and activity restrictions laid down in Article 1(1) of Commission Regulation No 2023/2831. If the applicant for aid is concurrently operating in one or several sectors referred to in Article 1(1)(a), (b), (c), and (d) of Commission Regulation No 2023/2831, aid may only be granted if the applicant for aid ensures the separation of such sectoral activities or accounting so that, in accordance with Article 1(2) of Commission Regulation No 2023/2831, activities in the excluded sectors would not benefit from de minimis aid which is granted in accordance with this Regulation.

[9 January 2024; 25 June 2024]

15. For the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation:

15.1. working capital loans shall be granted as de minimis aid in accordance with Commission Regulation No 1408/2013;

15.2. working capital shall not be granted for the activities specified in Article 1 of Commission Regulation No 1408/2013.

[22 July 2014; 7 April 2020; 9 January 2024]

15.¹ For the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation:

15.¹1. working capital loans shall be granted as de minimis aid in accordance with Commission Regulation No 717/2014;

15.¹2. working capital shall not be granted for the activities specified in Article 1 of Commission Regulation No 717/2014.

[3 May 2016; 7 April 2020; 9 January 2024]

16. In order to receive a working capital loan, performers of economic activity shall submit to the company Altum a loan application which shall include a description of the business project and also other information specified by the company Altum.

[18 June 2019]

17. The company Altum shall take the decision to grant a working capital loan on the basis of the documents submitted by the performer of economic activity and referred to in Paragraph 16 of this Regulation, funding only such activities which have been recognised by the company Altum as economically viable, including by assessing the potential and sustainability of the business idea of the performer of economic activity, the co-funding necessary for the implementation of the project, the security sufficiency and liquidity, the present and future financial standing of the performer of economic activity, the conformity of the knowledge and experience thereof, and also by analysing the identified entrepreneurial risks and other factors for determining the loan quality of the performer of economic activity, including by ensuring the application of a justified coefficient ratio between the co-funding and security of the project.

[18 June 2019]

18. The maximum amount of a working capital loan for a single performer of economic activity referred to in Sub-paragraphs 7.2 and 7.6 of this Regulation shall be EUR 1 000 000. The term of the working capital loan shall be up to five years. The performer of economic activity may receive a repeated working capital loan within the same project on condition that, at the time of granting the current working capital loan, the total amount of the working capital loan granted does not exceed the maximum amount of the loan specified in this Paragraph, and the company Altum has taken a decision in accordance with Paragraph 17 of this Regulation.

[9 January 2024]

18.¹ The maximum amount of a working capital loan for a single performer of economic activity referred to in Sub-paragraphs 7.1, 7.3, and 7.4 of this Regulation shall be EUR 285 000. The term of the working capital loan shall be up to five years. The performer of economic activity may receive a repeated working capital loan within the same project on condition that, at the time of granting the current working capital loan, the total amount of the working capital loan granted does not exceed the maximum amount of the loan specified in this Paragraph, and the company Altum has taken a decision in accordance with Paragraph 17 of this Regulation.

[18 June 2019]

19. When granting a working capital loan, the total amount of de minimis aid granted to a single performer of economic activity at the level of a single undertaking may not exceed:

19.1. for the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation - the amount specified in Article 3(2) of Commission Regulation No 2023/2831;

19.1. for the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation - the amount specified in Article 3(2) and (3) of Commission Regulation No 1408/2013;

19.3. for the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation - the amount specified in Article 3(2a) of Commission Regulation No 717/2014.

[22 July 2014; 3 May 2016; 18 June 2019; 9 January 2024; 25 June 2024; 14 January 2025]

19.¹ Within the meaning of this Regulation, a single undertaking conforms to the definition laid down in Article 2(2) of Commission Regulation No 2023/2831, Article 2(2) of Commission Regulation No 1408/2013, and Article 2(2) of Commission Regulation No 717/2014.

[25 June 2024]

III. Investment Loans

20. Investment loans are intended for making investments in the territory of the Republic of Latvia.

[10 December 2013]

20.¹ Investment loans, in conformity with the condition contained in Paragraph 20 of this Regulation, may be granted within the funding referred to in Sub-paragraph 5.7 of this Regulation to entrepreneurs registered in Latvia if they are required for the production of goods, the provision of services, or the acquisition of capital shares in companies that contribute to the reconstruction and development of infrastructure of Ukraine and the restoration of its economic activity, giving priority to the fields of energy, manufacturing industry, and information and communication technologies. Where aid is granted as regional aid in accordance with Article 14 of Commission Regulation No 651/2014, the acquisition of capital shares in a company shall not be supported.

[25 November 2025]

20.² In order to ensure that the funding referred to in Sub-paragraph 5.7 of this Regulation is used according to its purpose and the specified activity, the company Altum has the right to request an opinion of the Ministry of Foreign Affairs prior to taking the decision on the granting of a loan.

[25 November 2025]

20.³ Within the funding specified in Sub-paragraph 5.7 of this Regulation, the unused funding and the funding obtained as a result of the repayment of investment loans granted shall be paid into the State budget and shall not be used for other purposes.

[25 November 2025]

21. For the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation, investment loans shall be granted as de minimis aid in accordance with Commission Regulation No 2023/2831 or as regional aid in accordance with Articles 13 and 14 of Commission Regulation No 651/2014.

[25 June 2024]

21.¹ [18 June 2019]

21.² If the aid is granted as de minimis aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation in accordance with Commission Regulation No 2023/2831, it shall be granted in conformity with the sectoral and activity restrictions laid down in Article 1(1) of Commission Regulation No 2023/2831. If the applicant for aid is concurrently operating in one or several sectors referred to in Article 1(1)(a), (b), (c), and (d) of Commission Regulation No 2023/2831, aid may only be granted if the applicant for aid ensures the separation of such sectoral activities or accounting so that, in accordance with Article 1(2) of Commission Regulation No 2023/2831, activities in the excluded sectors would not benefit from de minimis aid which is granted in accordance with this Regulation.

[25 June 2024]

21.³ If the aid is granted as regional aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation in accordance with Commission Regulation No 651/2014, the aid shall not be granted for the following activities and sectors:

21.³1. the sectors specified in Article 13(a) of Commission Regulation No 651/2014 in accordance with Article 2(13), (43), and (43a) of Commission Regulation No 651/2014;

21.³2. the sectors specified in Article 13(b) of Commission Regulation No 651/2014 in accordance with the definitions specified in Article 2(45) and (130) of Commission Regulation No 651/2014 and the development of a broadband network.

[9 January 2024]

21.⁴ If the aid is granted as regional aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation in accordance with Commission Regulation No 651/2014, the aid shall not be granted:

21.⁴1. if the conditions referred to in Article 14(7) of Commission Regulation No 651/2014 are not complied with;

21.⁴2. if the performer of economic activity has not submitted to the company Altum a declaration signed by the project applicant that it has not carried out and will not carry out any of the activities specified in Article 14(16) of Commission Regulation No 651/2014, as defined in Article 2(61)(a) of Commission Regulation No 651/2014.

[9 January 2024]

21.⁵ If the aid is granted as regional aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation in accordance with Commission Regulation No 651/2014, the investments in tangible assets (in accordance with Article 2(29) of Commission Regulation No 651/2014) and intangible assets (in accordance with Article 2(30) of Commission Regulation No 651/2014) shall be aided in conformity with the following conditions:

21.⁵2. the eligible costs of the project shall be the initial investments in accordance with Article 2(49) of Commission Regulation No 651/2014. As regards the initial investment referred to in Article 2(49)(b) of Commission Regulation No 651/2014, the conditions laid down in the third sub-paragraph of Article 14(6) of Commission Regulation No 651/2014 regarding the acquisition of assets from third parties shall be complied with.

21.⁵2. the assets shall be new (except for the cases where the performer of economic activity is a micro, small, or medium-sized performer of economic activity, and except for the case of the acquisition of a place of business);

21.⁵3. the costs related to the lease of tangible assets shall be eligible if the conditions referred to in Article 14(6) of Commission Regulation No 651/2014 are complied with;

21.⁵ 4. intangible assets shall conform to the conditions referred to in Article 14(8) of Commission Regulation No 651/2014. For large entrepreneurs, intangible assets may be financed up to 50 % of the total eligible costs of investments;

21.⁵5. in accordance with the requirements laid down in Article 14(5) of Commission Regulation No 651/2014, after completion of the project, the initial investments shall remain in the Republic of Latvia in the relevant level 3 region of the Nomenclature of Territorial Units for Statistics (hereinafter - the NUTS-3) of the aid intensity (according to the data of 2021) where the project to be aided is being implemented, for at least five years for a large performer of economic activity or three years for a small or medium-sized performer of economic activity.

[9 January 2024; 25 November 2025]

21.⁶ If the aid is granted as regional aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation in accordance with Commission Regulation No 651/2014, the maximum permissible aid intensity from eligible costs of the project shall be:

21.⁶1. in the NUTS-3 region of Rīga according to the data of 2021 - 30 % (for a large performer of economic activity, 40 % (for a medium-sized performer of economic activity), or 50 % (for a micro or small performer of economic activity);

21.⁶2. in the NUTS-3 region of Kurzeme, Zemgale, Vidzeme, and Latgale according to the data of 2021 - 40 % (for a large performer of economic activity, 50 % (for a medium-sized performer of economic activity), or 60 % (for a micro or small performer of economic activity);

21.⁶3. for the administrative territories in Pierīga region (including in Limbaži municipality, Ogre municipality, Saulkrasti municipality, and Tukums municipality) - 30 % (for a large performer of economic activity, 40 % (for a medium-sized performer of economic activity), or 50 % (for a micro or small performer of economic activity).

[9 January 2024]

21.⁷ If the aid is granted as regional aid in accordance with Commission Regulation No 651/2014 to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation, any initial investment which is related to the same or a similar activity and which has been started by the performer of economic activity within three years from the day of starting works on another aided investment in the same NUTS-3 region according to the data of 2021 shall be considered part of a single investment project. In accordance with Article 2(50) of Commission Regulation No 651/2014, "the same or a similar activity" means an activity falling within the same class of NACE Rev. 2.1. In accordance with Article 2(52) of Commission Regulation No 651/2014 (regardless of whether investments are made by a small, medium-sized, or large entrepreneur), the total amount of the aid shall not exceed the adjusted amount of aid determined for large investment projects:

21.⁷1. in Rīga:

21.⁷1.1. for a project up to EUR 55 million, 30 % of the amount of eligible costs shall be applied;

21.⁷1.2. for the part of a project from EUR 55 million up to EUR 110 million, 15 % of the amount of eligible costs shall be applied;

21.⁷1.3. for the part of a project exceeding EUR 110 million, 0 % of the amount of eligible costs shall be applied.

21.⁷2. In Kurzeme, Zemgale, Vidzeme, and Latgale regions:

21.⁷2.1. for a project up to EUR 55 million, 40 % of the amount of eligible costs shall be applied;

21.⁷2.2. for the part of a project from EUR 55 million up to EUR 110 million, 20 % of the amount of eligible costs shall be applied;

21.⁷2.3. for the part of a project exceeding EUR 110 million, 0 % of the amount of eligible costs shall be applied;

21.⁷3. for administrative territories in Pierīga region (including in Limbaži municipality, Ogre municipality, Saulkrasti municipality, and Tukums municipality):

21.⁷3.1. for a project up to EUR 55 million, 30 % of the amount of eligible costs shall be applied;

21.⁷3.2. for the part of a project from EUR 55 million up to EUR 110 million, 15 % of the amount of eligible costs shall be applied;

21.⁷3.3. for the part of a project exceeding EUR 110 million, 0 % of the amount of eligible costs shall be applied.

[25 November 2025]

21.⁸ Aid granted for investment costs in accordance with Article 14 of Commission Regulation No 651/2014 may not be combined with regional aid under the same or another regional aid project or programme in respect of aid for estimated wage costs.

[9 January 2024]

21.⁹ Eligible costs exceeding the maximum permissible intensity laid down in Commission Regulation No 651/2014 shall be covered by the performer of economic activity from resources not related to any State aid, including de minimis aid.

[9 January 2024]

21.¹⁰ If the aid is granted as regional aid in accordance with Commission Regulation No 651/2014, the performer of economic activity shall, in accordance with Article 14(14) of Commission Regulation No 651/2014, ensure co-funding in the amount of at least 25 % of the eligible costs of the project, using own funds or external funding, including a credit issued by another funding provider. No public aid, including de minimis aid, has been received for such co-funding.

[9 January 2024]

22. for the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation:

22.1. investment loans shall be granted as aid for investments in agricultural undertakings in accordance with Article 14 of Commission Regulation 2022/2474;

22.2. investment loans shall not be granted for the activities specified in Article 1(3), (4), (5), (6), and (7) of Commission Regulation 2022/2472.

[13 March 2012; 16 December 2014; 9 January 2024]

22.¹ For the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation:

22.¹1. investment loans shall be granted as aid for investments in accordance with Article 19, 21, 24, 28, 33, or 46 of Commission Regulation 2022/2474;

22.¹2. investment loans shall not be granted for the activities specified in Article 1(3), (4), (5), (6), and (7) of Commission Regulation 2022/2473.

[3 May 2016; 9 January 2024]

23. In order to receive an investment loan, including the guarantee referred to in Chapter IV of this Regulation, the performer of economic activity shall submit to the company Altum a loan application which shall include a description of the business project and also other information specified by the company Altum.

[16 November 2021]

23.¹ The performers of economic activity referred to in Sub-paragraphs 7.3 and 7.4 of this Regulation shall submit the documents referred to in Paragraph 23 of this Regulation to the company Altum in conformity with Article 6(2) of Commission Regulation 2022/2472 and Article 6(2) of Commission Regulation 2022/2473.

[9 January 2024]

23.² In order to receive an investment loan for the acquisition of capital shares in capital companies, it shall be assessed whether the development or expansion of activity of the performer of economic activity is ensured as a result of such activity.

[16 November 2021]

24. The company Altum shall take the decision to grant an investment loan on the basis of the documents submitted by the performer of economic activity and referred to in Paragraph 23 of this Regulation, funding only such activities which have been recognised by the company Altum as economically viable, including by assessing the potential and sustainability of the business idea of the performer of economic activity, the co-funding necessary for the implementation of the project, the security sufficiency and liquidity, the present and future financial standing of the performer of economic activity, the conformity of the knowledge and experience thereof, and also by analysing the identified entrepreneurial risks and other factors for determining the loan quality of the performer of economic activity, including by ensuring the application of a justified coefficient ratio between the co-funding and security of the project.

[18 June 2019]

25. [10 December 2013]

26. [10 December 2013]

27. The maximum amount of an investment loan for the performers of economic activity referred to in Paragraph 7 of this Regulation shall be EUR 5 000 000. The term of the investment loan shall be up to 15 years, with the possibility to extend the repayment term by up to five years if justified information has been received. The performer of economic activity may receive a repeated investment loan on condition that, at the time of granting the current investment loan, the total amount of the investment loan granted does not exceed the maximum amount of the loan specified in this Paragraph, and the company Altum has taken a decision in accordance with Paragraph 24 of this Regulation.

[9 January 2024]

27.¹ [3 May 2016]

28. [10 December 2013]

28.¹ [18 June 2019]

29. When granting investment loans:

29.1. for the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation, the planned de minimis aid, together with de minimis aid granted over the last three years at the level of a single undertaking, calculating from the day of granting the aid, may not exceed the amount specified in Article 3(2) of Commission Regulation No 2023/2831;

29.2. for the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation, the aid intensity may not exceed the limits specified in Article 14(11), (12), (13), and (14) of Commission Regulation 2022/2472;

29.3. for the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation, the aid intensity may not exceed the limits specified in Article 19(3), 21(8), 24(6), 28(3), 33(5), or 46(2) of Commission Regulation 2022/2473;

29.4. aid shall not be granted to the performer of economic activity referred to in Sub-paragraph 7.3 of this Regulation if a recovery order in accordance with Article 1(4) of Commission Regulation 2022/2472 applies thereto;

29.5. aid shall not be granted to the performer of economic activity referred to in Sub-paragraph 7.4 of this Regulation if a recovery order in accordance with Article 1(5) of Commission Regulation 2022/2473 applies thereto.

[10 December 2013; 22 July 2014; 16 December 2014; 3 May 2016; 18 June 2019; 9 January 2024; 25 June 2024]

30. [10 December 2013]

III.¹ Loans for the Implementation of Energy Efficiency Measures

[26 September 2017]

30.¹ Loans shall be intended for the implementation of projects related to energy efficiency measures.

[16 November 2021]

30.² Loans shall be granted as de minimis aid to the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation, including energy efficiency service providers, in accordance with Commission Regulation No 2023/2831, and they shall be granted in conformity with the sectoral and activity restrictions laid down in Article 1(1) of Commission Regulation No 2023/2831. If the applicant for aid is concurrently operating in one or several sectors referred to in Article 1(1)(a), (b), (c), and (d) of Commission Regulation No 2023/2831, aid may only be granted if the applicant for aid ensures the separation of such sectoral activities or accounting so that, in accordance with Article 1(2) of Commission Regulation No 2023/2831, activities in the excluded sectors would not benefit from de minimis aid which is granted in accordance with this Regulation.

[25 June 2024]

30.³ In order to receive a loan, including the guarantee referred to in Chapter VI of this Regulation, the performer of economic activity, including an energy efficiency service provider, shall submit a loan application which shall include a description of the business project and also other information specified by the company Altum.

[25 June 2024]

30.⁴ The company Altum shall take the decision to grant a loan necessary for improving energy efficiency on the basis of the documents submitted by the performer of economic activity and referred to in Paragraphs 30.³ and 30.⁵ of this Regulation, funding only those activities which the company Altum has recognised as economically viable. The company Altum shall assess the potential and sustainability of the business idea of the performer of economic activity, the co-funding necessary for the implementation thereof, the security sufficiency and liquidity, the present and future financial standing of the performer of economic activity, the conformity of the knowledge and experience thereof, and also shall analyse the identified entrepreneurial risks and other loan quality factors in order to apply a justified coefficient ratio of the co-funding and security of the financial service.

[25 June 2024]

30.⁵ For the purpose of the implementation of energy efficiency measures, energy efficiency service providers shall submit to the company Altum, in addition to the documents referred to in Paragraph 30.³ of this Regulation, calculations justifying that repayment of the loan will be made from payments of clients of the energy efficiency service providers which are made from the saved financial resources, by implementing energy efficiency measures (where applicable).

[18 June 2019]

30.⁶ [18 June 2019]

30.⁷ Investment of the performer of economic activity, including an energy efficiency service provider, in energy efficiency measures from its own resources or external funding not related to any aid for commercial activity shall be at least 10 % of the total costs of the energy efficiency measures.

[26 September 2017]

30.⁸ The maximum amount of the loan for the performer of economic activity, including an energy efficiency service provider, shall be EUR 5 000 000. The maximum term of the loan shall be 20 years. The performer of economic activity, including an energy efficiency service provider, may receive a repeated loan on condition that, at the time of granting the current loan, the total amount of the loan granted and outstanding balance of loans does not exceed the maximum amount of the loan specified in this Paragraph.

[16 November 2021]

30.⁹ If a loan is granted to:

30.⁹1. the performers of economic activity referred to in Sub-paragraphs 7.1, 7.2, 7.5, and 7.6 of this Regulation, the planned de minimis aid, together with de minimis aid granted over the last three years at the level of a single undertaking, calculating from the day of granting the aid, shall not exceed the amount specified in Article 3(2) of Commission Regulation No 2023/2831;

30.⁹2. the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation, the aid intensity shall not exceed the limits specified in Article 14(11) of Commission Regulation 2022/2472;

30.⁹3. the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation, the aid intensity shall not exceed the limits specified in Article 19(3), 21(8), 24(6), 28(3), 33(5), or 46(2) of Commission Regulation 2022/2473.

[25 June 2024]

30.¹⁰ For the performers of economic activity referred to in Sub-paragraph 7.3 of this Regulation, loans shall be granted as de minimis aid in accordance with Commission Regulation No 1408/2013 and shall not be granted for the activities specified in Article 1 of Commission Regulation No 1408/2013.

[9 January 2024]

30.¹¹ For the performers of economic activity referred to in Sub-paragraph 7.4 of this Regulation, loans shall be granted as de minimis aid in accordance with Commission Regulation No 717/2014 and shall not be granted for the activities specified in Article 1 of Commission Regulation No 717/2014.

[9 January 2024]

III.² Loans for the Acquisition of Cash Flows of Energy Efficiency Service Providers

[7 April 2020]

30.¹² Loans shall be intended for the acquisition of future cash flows (hereinafter - the financial services) from an energy efficiency service provider that:

30.¹²1. has provided the service within the territory of the Republic of Latvia and has entered into an energy efficiency service contract with the recipient of the energy efficiency service;

30.¹²2. has entered into a contract for the quality of the planned energy efficiency improvement measures with the performer of economic activity that provides the financial service.

[7 April 2020]

30.¹³ Loans may be granted up to the amount of EUR 2 000 000.

[7 April 2020]

30.¹⁴ The loan shall be granted to the performers of economic activity referred to in Sub-paragraph 7.2 of this Regulation in accordance with Commission Regulation No 2023/2831, in conformity with the sectoral and activity restrictions laid down in Article 1(1) of Commission Regulation No 2023/2831. If the applicant for aid is concurrently operating in one or several sectors referred to in Article 1(1)(a), (b), (c), and (d) of Commission Regulation No 2013/2831, aid may only be granted if the applicant for aid ensures the separation of such sectoral activities or accounting so that, in accordance with Article 1(2) of Commission Regulation No 2023/2831, activities in the excluded sectors would not benefit from de minimis aid which is granted in accordance with this Regulation.

[25 June 2024]

30.¹⁵ In order to receive a loan, the performer of economic activity shall submit a loan application which shall include a description of the business project and also other information specified by the company Altum.

[7 April 2020]

30.¹⁶ The company Altum shall take the decision to grant a loan on the basis of the documents submitted by the performer of economic activity and referred to in Paragraph 30.¹⁵ of this Regulation, funding only those activities which the company Altum has recognised as economically viable. The company Altum shall assess the potential and sustainability of the business idea of the performer of economic activity, the co-funding necessary for the implementation thereof, the security sufficiency and liquidity, the present and future financial standing of the performer of economic activity, the conformity of the knowledge and experience thereof, and also shall analyse the identified entrepreneurial risks and other loan quality factors in order to apply a justified coefficient ratio of the co-funding and security of the financial service.

[7 April 2020]

30.¹⁷ The performer of economic activity shall ensure co-funding of at least 10 % of the costs of the financial service, using own resources or external funding for which no public aid has been received, including de minimis aid.

[7 April 2020]

30.¹⁸ The maximum term of the loan shall be 20 years.

[7 April 2020]

30.¹⁹ A deferral of the repayment of the principal amount may be applied to the loan.

[7 April 2020]

30.²⁰ The principal amount of the loan shall begin to be repaid if at least one quarter of the total term of the loan remains before the end of the repayment term of the loan.

[7 April 2020]

30.²¹ The loan shall not exceed 45 % of the costs of the financial service.

[7 April 2020]

30.²² When granting de minimis aid, the planned de minimis aid, together with de minimis aid granted over the last three years at the level of a single undertaking, calculating from the day of granting the aid, shall not exceed the maximum amount of de minimis aid specified in Article 3(2) of Commission Regulation No 2023/2831.

[25 June 2024]

IV. Aid Intensity and Cumulation

31. The grant equivalent in euros for performers of economic activity shall be calculated by deducting the amount of interest actually paid from the amount of interest to be paid in accordance with the base rate set by the European Commission for the relevant period and also the risk rate, the percentage of which is specified in accordance with the rating assigned by the company Altum to the borrower and the security offered (the base rate and the risk rate published on the website of the European Commission's Directorate General for Competition). If the term of the loan is extended for the performer of economic activity in accordance with Paragraph 31.¹ of this Regulation, the compliance of the performer of economic activity with de minimis aid conditions shall be re-assessed and verified, and the calculation of the grant equivalent shall be conducted.

[9 January 2024]

31.¹ An extension of the term of the loan by the company Altum, without exceeding the maximum term of the loan specified for the relevant loan in Paragraphs 18, 18.¹, 27, 30.⁸, and 30.¹⁸ shall be possible:

31.¹1. if the aid is initially provided as de minimis aid or in accordance with Commission Regulation No 651/2014, and the extension of the term does not cause exceedance of the amount and intensity of the initially granted State aid, ensuring the aid transparency conditions laid down in Article 5 of Commission Regulation No 651/2014 or Article 4 of Commission Regulation No 2023/2831, i.e. new aid is not granted;

31.¹2. as new aid granted as de minimis aid if the aid was also initially granted as de minimis aid. If the entrepreneur conforms to the requirements for receiving State aid, the aid shall be granted at the moment when the company Altum takes a new decision specifying the maximum amount of the aid.

[9 January 2024; 25 June 2024]

32. In order to receive the loan referred to in:

32.1. Chapter II, Paragraph 21, Chapters III.¹ and III.² of this Regulation, the performer of the economic activity shall submit to the company Altum the following information regarding the performer of the economic activity:

32.1.1. de minimis aid granted previously in conformity with the laws and regulations governing the procedures for the accounting and granting of de minimis aid;

32.1.2. the aid planned and granted for the same eligible costs by indicating the date of granting the aid, the provider of aid, the aid measure, the intensity, and the planned or granted amount of aid;

32.2. Sub-paragraphs 22.1 and 22.¹1 of this Regulation, the performer of economic activity shall submit to the company Altum the information on the aid received previously by the performer of economic activity for the investment projects and also the information on the submitted applications for receiving the aid for investments within the scope of other aid programmes or individual aid projects in respect of which the responsible authority has not yet taken a decision on whether to grant the aid or refuse to grant the aid.

[18 June 2019; 7 April 2020; 16 November 2021; 14 January 2025; 25 November 2025]

33. [22 July 2014]

34. The aid granted within the scope of this Regulation:

34.1. may be cumulated with other de minimis aid granted, including for the same eligible costs, without exceeding the maximum amount specified in Article 3(2) of Commission Regulation No 2023/2831, Article 3(2) of Commission Regulation No 1408/2013, or Article 3(2a) of Commission Regulation No 717/2014, if after cumulation of the forms of aid, the relevant maximum aid intensity for a unit of aid or item of costs does not exceed 100 %;

34.2. for the same eligible costs may be cumulated with aid received under this or another aid programme or an ad-hoc aid project, including aid received for the same eligible costs if the aid received within the scope of this Regulation, together with the aid received under another aid programme or an ad-hoc aid project, does not exceed the aid intensity laid down in this Regulation and also the maximum permissible aid intensity laid down in Commission Regulation No 651/2014, Commission Regulation 2022/2472, or Commission Regulation 2022/2473;

34.3. for the same eligible costs may not be cumulated with the aid which is provided according to the decisions of the European Commission taken in conformity with the Communication from the Commission of 19 March 2020, Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863).

[10 December 2013; 22 July 2014; 28 April 2020; 9 January 2024; 25 June 2024; 14 January 2025; 25 November 2025]

34.¹ Taking into account the conditions laid down in Article 5(1) and (2) of Commission Regulation No 2023/2831, Article 5(1), (2), (2a), and (3) of Commission Regulation No 1408/2013, and Article 5(1) and (2) of Commission Regulation No 717/2014, de minimis aid granted to a single undertaking may be cumulated with other de minimis aid up to the thresholds laid down in Article 3(2) of Commission Regulation No 2023/2831, Article 3(2) of Commission Regulation No 1408/2013, or Article 3(2a) of Commission Regulation No 717/2014, and also may be cumulated with other State aid in respect of the same eligible costs, including under this programme, or with other State aid for the same risk funding measure, if the relevant maximum aid intensity or the amount of aid specified for a State aid programme, an aid project, or a decision of the European Commission is not exceeded.

[14 January 2025]

35. [26 September 2017]

36. [26 September 2017]

V. Accounting of the Aid

37. The company Altum shall conduct accounting of aid in accordance with the laws and regulations regarding the procedures for the accounting and granting of de minimis aid. A single undertaking shall meet the conditions referred to in Article 2(2) of Commission Regulation No 2023/2831.

[14 January 2025]

37.¹ If the performer of economic activity is concurrently operating also in the sectors referred to in Article 1(1)(a), (b), or (c) of Commission Regulation No 2023/2831, it shall separate sectoral activities or ensure the separation of accounting in accordance with Article 1(2) of Commission Regulation No 2023/2831, Article 1(2) and (3) of Commission Regulation No 1408/2013, and Article 1(2) and (3) of Commission Regulation No 717/2014.

[25 November 2025]

37.² For aid granted in accordance with Commission Regulation No 651/2014, Commission Regulation 2022/2472, or Commission Regulation 2022/2473, or for de minimis aid granted in accordance with Commission Regulation No 2023/2831, Commission Regulation No 1408/2013, or Commission Regulation No 717/2014, the company Altum shall ensure the availability of information for 10 years, counting from the day when the last aid is granted in accordance with this Regulation, but the performer of economic activity shall ensure the availability of information for 10 years from the day of granting the aid.

[25 June 2024]

37.³ Aid shall be granted to the performers of economic activity referred to in Paragraph 7 of this Regulation at the moment when the company Altum takes the decision to grant a loan or a guarantee, specifying the maximum amount of aid and the aid intensity. Aid shall be granted if the performers of economic activity referred to in Paragraph 7 of this Regulation conform to the requirements specified in this Regulation for the receipt of State aid at the time of granting the aid.

[9 January 2024]

37.⁴ If the requirements laid down in Commission Regulation 2022/2472 or Commission Regulation 2022/2473 are violated, the beneficiary of co-funding has the obligation to refund to the company Altum all the unlawful aid for commercial activity received within the scope of this Regulation, together with interest, from the funds that are free from the aid for commercial activity in accordance with Chapter IV or V of the Law on Control of Aid for Commercial Activity.

[9 January 2024]

37.⁵ If the requirements of Commission Regulation No 2023/2831, Commission Regulation No 1408/2013, or Commission Regulation No 717/2014 are violated, the aid beneficiary has the obligation to refund to the company Altum all the unlawful de minimis aid received within the scope of the aid measure, together with interest, from the funds that are free from the aid for commercial activity in accordance with Chapter IV or V of the Law on Control of Aid for Commercial Activity.

[25 June 2024]

37.⁶ If the conditions of Commission Regulation No 651/2014 are violated, the beneficiary has the obligation to refund to the co-operation institution all the unlawful aid received within the project, together with interest, from the funds that are free from the aid for commercial activity in accordance with Chapter IV or V of the Law on Control of Aid for Commercial Activity.

[9 January 2024]

37.⁷ If aid is granted in accordance with Commission Regulation No 651/2014 and the performer of economic activity is concurrently operating in both the aided sectors and the sectors for which aid is not granted in accordance with Article 1(3) of Commission Regulation No 651/2014, the performer of economic activity shall, by applying the separation of costs or activities, ensure that the activities not to be aided in accordance with Article 1(3) of Commission Regulation No 651/2014 do not benefit from the aid granted in accordance with Commission Regulation No 651/2014.

[9 January 2024]

37.⁸ [25 June 2024]

37.⁹ If aid is granted to the beneficiary in accordance with Commission Regulation No 1408/2013 or Commission Regulation No 717/2014, the aid shall be granted to the beneficiary in accordance with the maximum amount if aid for a single undertaking specified in Article 3(2) and Article 5(1), (2), and (2a) of Commission Regulation No 1408/2013 or in Article 3(2a) and Article 5(1) and (2) of Commission Regulation No 717/2014.

[14 January 2025]

VI. Guarantees Available to Performers of Economic Activity

[22 July 2014]

38. Guarantees from the fund referred to in Paragraph 5.² of this Regulation shall be granted as de minimis aid in accordance with Commission Regulation No 2023/2831 to the performers of economic activity referred to in Sub-paragraph 7.2 of this Regulation:

38.1. who are operating in the manufacturing sector (Section C of NACE Rev. 2.1). Guarantees for the respective performers of economic activity shall be available for the investment loans referred to in Chapter III of this Regulation;

38.2. including energy efficiency service providers planning to implement energy efficiency measures. Guarantees for the respective performers of economic activity shall be available for the loans referred to in Chapter III.¹ of this Regulation for the implementation of energy efficiency measures.

[25 June 2024; 25 November 2025]

38.¹ The guarantees referred to in Paragraph 38 of this Regulation shall be available for investment loans in the following amounts:

38.¹ 1. for investments in the improvement of infrastructure if the applicant plans works for the installation and reconstruction of water supply, heat supply, domestic sewerage, wastewater collection, and drainage infrastructure, the installation and reconstruction of underground utility infrastructure, the installation and reconstruction of connections for gas, electricity and communications infrastructure, the construction or reconstruction of access roads, and also the implementation of energy efficiency measures. The amount of guarantee shall be 80 % of the amount of loan;

38.¹2. for other investment loans, the amount of guarantee shall be 65 % of the amount of loan.

[26 September 2017]

38.² The guarantee referred to in this Chapter shall be granted if the performer of economic activity conforms to the requirements referred to in Sub-paragraph 32.1 of this Regulation.

[25 June 2024]

39. Guarantees shall not be granted in the cases referred to in Sub-paragraphs 10.1 and 10.2 of this Regulation.

40. The grant equivalent for the performer of economic activity shall be determined on the basis of the annual rate of the safe-harbour premium of the credit quality class in accordance with Annex 2 to this Regulation.

41. If the duration of the guarantee exceeds one year, the aid equivalent shall be discounted using the reference rate approved by the European Commission for Latvia that is determined in accordance with the Communication from the Commission on the revision of the method for setting the reference and discount rates (Official Journal of the European Union, 19 January 2008, C 014), adding 100 basis points to the base rate.

42. For beneficiaries of guarantees, the total amount of de minimis aid at the level of a single undertaking may not exceed the amount specified in Article 3(2) of Commission Regulation No 2023/2831.

[25 June 2024]

43. The guarantees referred to in this Chapter may be cumulated with aid received within the scope of another aid programme or an individual aid project in accordance with the conditions of Sub-paragraph 34.2 of this Regulation.

[25 June 2024]

44. If the aid received within the scope of this Regulation is to be cumulated with regional investment aid granted in accordance with Article 14 of Commission Regulation No 651/2014 or an aid programme approved by the European Commission, or an individual aid project, the aid recipient shall invest in the implementation of the project at least 25 % of the total eligible project costs by using its own resources or external funding that is not related to any aid for commercial activity, including de minimis aid.

[18 June 2019]

45. The company Altum shall conduct accounting of aid in accordance with Paragraph 37 of this Regulation.

46. [18 June 2019]

46.¹ When applying for the guarantees referred to in this Chapter, the performer of economic activity shall submit to the company Altum the information on the aid received previously by the performer of economic activity and also the information on the submitted applications for receiving the aid within the scope of other aid programmes or individual aid projects in respect of which the responsible authority has not yet taken a decision on whether to grant the aid or refuse to grant the aid.

[25 June 2024]

VII. Closing Provisions

[3 May 2016; 28 April 2020]

47. Loan applications submitted to the company Altum prior to the day of coming into force of Paragraph 8.¹ of this Regulation shall be examined in accordance with the laws and regulations that were in force on the day of submission of the loan application.

48. [1 January 2021 / See Paragraph 49]

49. Paragraph 48 of this Regulation shall be in force until 31 December 2020.

[28 April 2020]

50. The decision to grant aid in accordance with Commission Regulation No 651/2014 and Commission Regulation No 2023/2831 may be taken until the expiry of this Regulation.

[25 June 2024]

Prime Minister V. Dombrovskis

Minister for Economics A. Kampars

Annex 1
Cabinet Regulation No. 1065
15 September 2009

Report on the Performers of Economic Activity which have Received the Financing

[26 September 2017]

Annex 2
Cabinet Regulation No. 1065
15 September 2009

Safe-harbour Premium Rates

[22 July 2014]