Small and medium-sized businesses in Latvia will get easier access to green financing through a new deal between the European Investment Fund (EIF) and BluOr Bank. The agreement provides guarantees that will let the Latvian bank lend up to €30 million to companies working on climate change projects and sustainable business practices.
The financing comes through the EU’s InvestEU program and will offer better loan terms, including lower interest rates. Companies that don’t have enough collateral will also find it easier to get funding for their green projects.
BluOr Bank will focus the loans on Latvian businesses that want to upgrade their manufacturing to meet EU environmental standards, cut energy use through new technology, or install renewable power like solar and wind systems. EIF Chief Executive Marjut Falkstedt said the partnership will help local companies transition to more sustainable business models.
Dmitrijs Latisevs, CEO of BluOr Bank, said the EIF guarantees will greatly expand access to loans for companies pursuing green initiatives. “We believe this support will help local businesses not only to grow, but also to become more resilient in the face of future challenges,” he said.
The deal is part of broader European efforts to help businesses shift toward cleaner operations and reduce their environmental impact while maintaining economic growth.
