On 3 March 2026 the Nordic Investment Bank (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 (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 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. 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.
JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvian state-owned company 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. On 28 January 2025 Moody’s Ratings affirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The rating as well as the short-term issuer rating at P-2, the same as affirmed on 2 February 2024. ALTUM is rated by Moody’s Finance Companies Methodology, published in July 2024. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.