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EUR 12 million from EU funds to be available for social entrepreneurship in Latvia until 2022
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    EUR 12 million from EU funds to be available for social entrepreneurship in Latvia until 2022

    RIGA, Nov 8 (LETA) - The Latvian development finance institution Altum has started offering a new state aid program to support social entrepreneurship and altogether EUR 12 million will be available under this program until 2022, Altum board chairman Reinis Berzins told the press.

    He said that Altum had developed a special social entrepreneurship program that had just been launched. Entities registered in the Social Enterprise Register of the Welfare Ministry and individuals with plans for foundation of social enterprises, who have won the contest of ideas held by the ministry, can apply for support under the program.

    Berzins said that EUR 12 million would be supplied by the European Social Fund. The financing will be used to support 220 new and existing companies that will be employing the jobless, young mothers, people with special needs, etc.

    The support is planned in the form of grants and would not have to be repaid. But only viable and sustainable companies that will be able to stay in business after the expiry of the grant may apply.

    The amount of support available under the program will depend on how long the company has been in business and on its financial indicators.

    Welfare Minister Janis Reirs (Unity) said that so far Altum had received 65 applications and 37 businesses have been approved for participation in the program.

    • Published: 08.11.2017 13:08
    • LETA
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