LIAA to provide €73M for Latvian SMEs in a new support program
19 July, 2023, 11:33
The Latvian Investment and Development Agency (LIAA) will provide €73 million in support funding for Latvian SMEs (small and medium-sized enterprises). This is part of a new EU Structural Fund-backed support program.
- The new aid program is set to implement three activities: support for innovation motivation activity, business incubation support, and export support.
- The overall funding of the aid program is €73.38 million. It aims to ensure that financing is available to innovative small and medium-sized businesses.
- The program is expected to support a total of 1,500 companies, of which at least 300 will be the authors of new ideas.
- The turnover of the supported companies is expected to grow by 12% with exports increase by 20% (€600M) between 2024 and 2029.
- It is also planned to support 700 exporting companies by creating 1,000 new jobs.