support to entrepreneurs provided by mortgage bank
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Support to Entrepreneurs Support to Entrepreneurs Provided by Mortgage BankProvided by Mortgage Bank
Support to Entrepreneurs Support to Entrepreneurs Provided by Mortgage BankProvided by Mortgage Bank
Gita Granta - VanagaGita Granta - VanagaCredit administratorCredit administrator
Bauska branchBauska branch227.09.2010.7.09.2010.
Mortgage Bank in 2010
Mortgage bank was founded in 1993 as state-owned commercial bank.
On 24 November 2009 the Cabinet of Ministers approved the concept for “Transformation of the state-owned JSC “Mortgage and Land Bank of Latvia” into Development Bank “. The concept stipulated gradual transformation of the Mortgage Bank into a full scale development bank by 31 December 2013.
What role does the Mortgage Bank play on the financial market?
The task of the Mortgage Bank is to supplement, not substitute the financial market of Latvia in the sectors significant to the national economy.
The Mortgage Bank fulfils this role by implementing target programmes approved by state.
What changes have been initiated in the Mortgage Bank?In line with the approved concept and requirements of the DG Competition of the European Commission, Mortgage Bank grants new loans only within the framework of the state aid target programmes.
loans from state aid target programmes
commercial loans
After 24.11.2009.
What state aid target programmes are implemented in 2010?“Support to Self-employment and Business Start-ups“- Start Programme- For emerging and existing new entrepreneursSmall and Medium Enterprises Micro Lending Programme- Micro loans for starting or developing a small businessGrowth loans for small and medium enterprises- Loans for promotion of development of micro, small and medium enterprises and co-operative unions providing agricultural servicesProgramme for Enhancement of Competitiveness of Enterprises- Investment and working capital loans for processing industry enterprisesWorking capital loans for farmers-working capital for production of agricultural goods
Borrowers by Branches Start Programme
9%10%
19%
30%
9%
2%6%
2%2%
11%
Accomodation and public catering Legal and accounting services
Retail trade Other services
Health and social care Creative, arts and entertainment activities
Manufacture of food products Production of clothing
Repair of machinery Other processing industry
Borrowers by Branches Competitiveness Programme for Entrepreneurs
14%
14%
3%5%
9%8%3%2%
20%
6%3%
6% 2% 5%
Manufacture of food products and beverages Woodworking
Manufacture of paper and polygraphy Chemical industry
Manufacture of metals and metal products Machine manufacturing, manufacture of machinery and equipment
Manifacture of furniture Other production
Electric power generation Construction
Other transport Accomodation
Forestry and logging Other branches
Borrowers by Branches Programme for Farmers
49%
6%
1%
1%
16%
5%
1%
16%1% 2% 1%1%
Growing of cereals, leguminous crops and oil seeds Growing of vegetables Propagation of plants
Raising of cattle Raising of dairy cattle Other farming of animals
Raising of swine Mixed agriculture Logging
Processing and preserving of meat Wholesale of feed Retail sale of food
Are there any other financial instruments expected in 2010?To promote entrepreneurship in the countryside and assist the farmers with absorption of the resources of EU funds, the Ministry of Agriculture has drafted and sent to the European Commission legislative amendments stipulating establishment of special loan fund for farmers.
This fund is expected to become operational in autumn this year. The Mortgage Bank will be the manager of the fund. The fund’s budget will be up to LVL 100 mln (resources of EU funds available, but not yet absorbed).
Thank you for attention!Thank you for attention!
Gita Granta – Vanaga, Bauska branch credit administrator
Telephone +371 63928238, E-mail: gitagv@hipo.lv
More information about Mortgage Bank:www.hipo.lv, Tel:+371 80000100, E-mail: 80000100@hipo.lv
More information about ALTUM:www.hipo.lv, un www.altum.lv Tel: +371 67774100, E-mail: info@altum.lv
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