NIB strengthens SME financing in Latvia through ALTUM

• NIB has signed a loan agreement of EUR 50 million with JSC Development Finance Institution ALTUM to support small and medium-sized enterprises (SMEs) across Latvia.
• The funding will be used for a wide range of SME investments, including equipment purchases, property investments, as well as working capital loans.
• The facility primarily targets loans below EUR 1 million, with a dedicated portion for smaller loans (below EUR 250,000) aimed at SMEs in rural areas.

NIB has signed a loan agreement of EUR 50 million with JSC Development Finance Institution ALTUM to support SMEs across Latvia. The funding will be used for a wide range of SME investments, including equipment purchases (such as agricultural machinery, production machinery, and equipment for service providers), property investments (including agricultural or production facilities), as well as working capital loans.

The programme primarily targets loans below EUR 1 million, with a dedicated portion for smaller loans (below EUR 250,000) aimed at SMEs in rural areas. Typical investments include equipment and heavy vehicles for forestry, agriculture, and manufacturing, as well as construction or renovation of facilities for smaller service providers.

“This financing from NIB will allow ALTUM to further strengthen our most in-demand direct lending segment – small and medium-sized enterprises, including farmers and rural businesses. These additional resources will enable us to support investment projects that enhance productivity, modernize equipment and infrastructure, and promote sustainable business development,” said Reinis Bērziņš, Chairman of the Management Board at ALTUM.

“SMEs contribute significantly to Latvia’s economy and regional development,” said Kaspars Pīlādzis, Senior Banker and Country Lead for Latvia at NIB. “Through our partnership with ALTUM, we are helping ensure that companies can access long‑term financing that supports their ambitions and strengthens economic resilience across the regions.”

In May 2025, NIB also invested EUR 10 million in a EUR 70 million bond issued by ALTUM, further supporting the development of capital markets in Latvia.

ALTUM is a 100% state-owned development finance institution that ensures access of the enterprises and households to the financial resources by means of support financial instruments – loans, guarantees, investments in venture capital funds – in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. Moody’s assigned Baa1 issuer rating has been constantly high since first assigned in 2017.

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

For further information, please contact

Ralf Hansson, Senior Banker, +358 10 618 0268, Ralf.Hansson@nib.int

Kaspars Pīlādzis, Senior Banker, Country Lead for Latvia, +358 10 618 0391, Kaspars.Piladzis@nib.int

Elīna Neimane, Senior Communications Officer, +358 10 618 0871, Elina.Neimane@nib.int