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Wednesday 20.06.2018 | Name days: Rasa, Rasma, Maira
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Latvian Guarantee Agency issues its first mezzanine loan

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The Latvian Guarantee Agency (LGA) has issued a mezzanine loan of 700 000 LVL to Cēsu Miesnieks for plant acquisition and expansion.

LGA’s mezzanine loan, which was co-funded by Norvik Bank, was issued for livestock slaughter and meat processing development.

Mezzanine is a relatively new financial instrument in Latvia. It gives Latvian businessmen an opportunity to receive required amounts of money for their projects using two possible sources – banks and the LGA. The agency’s loan part is subordinate to bank credits; its base amount can be repaid at any time and the businessman is obliged to pay a reduced interest rate in the first two years.

«Latvian businessmen and banks should be encouraged to use the opportunity of new financial support methods offered by the LGA for the improvement of Latvia’s business environment,»- says LGA Director Ivars Golsts.

«Meat processing industry is a segment of food production, which is vertically related with agriculture and livestock development in Latvia. All these segments have Latvia’s most significant natural resource in their foundation – land. This is why state and financial support, especially with industries related to agriculture, is an integral factor in improving the growth of national economy,»- says member of the Board of Cēsu Miesnieks Līga Langmane.

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