Our 3rd webinar in Connect with AmCham series was held with ALTUM on April 22. Members had the opportunity to learn more on support instruments approved by the government, including guarantees for loan repayment holidays and current asset loans that currently available for businesses affected by the Covid-19 crisis and provided by the institution administering the State aid program - ALTUM.
According to the Reinis Bērziņš, CEO of Altum all support instruments, approved by the government, have been developed in collaboration with the Ministry of Economics and approved by the European Commission. The guarantees for bank loan holidays will enable banks to postpone principal loan payments for up to two years, and the current asset loans will be granted on favorable terms to businesses whose operations have been substantially reduced.
There are several new ALTUM support programs for the Covid-19-affected businesses:
- Working capital loan is liquidity support for businesses, farmers and those in the fisheries industry, whose activities have been affected by Covid-19;
- For companies that have experienced objective difficulties in making loan repayments to banks due to the Covid-19 crisis, ALTUM offers a credit guarantee that will allow the bank to defer payment of the principal amount;
- Restrictions on receiving export guarantees to the EU and certain OECD member states have been lifted till 31.12.2020. Now large companies can also apply for export guarantees to developed countries, regardless of the export turnover and the country to which transactions are planned, without imposing additional restrictions.
Reinis Bērziņš is a professional of business management and finances with a remarkable experience in managing enterprises and institutions. He has obtained a master’s degree in international banking and finance as well as in business management (in Swiss Business School) and a degree in law. His main responsibilities include oversight of units responsible for financial and resource management, legal and human resources, financial instruments of the venture capital and energy efficiency of enterprises. He has been managing ALTUM since 12 October 2015.
AmCham webinars are organized in order to provide relevant expert knowledge and share best practices in the context of circumstances resulting from the global pandemic. We encourage our members to take part in these webinar series both as experts and participants.