OREANDA-NEWS. June 29, 2011. To promote activity of the domestic market of Latvia, the bank Citadele this year is ready to invest more than 100 million euro or 70.3 million lats in entrepreneurship of Latvia. Citadele will particularly support development of small, medium, and micro enterprises, by granting credit funds of the European Investment Bank and microcredits. The most recent results of Citadele Index show that the small (32 %) and micro enterprises (23 %) need the bank’s financing most.

The new support instruments, financing of the European Investment Bank, and the microcredits allow entrepreneurs to receive long-term credit funds at a fixed interest rate. Moreover, microcredits are available without providing a real estate collateral. Both types of financing can be combined with the European Union or state support instruments.

“The aim of Citadele in the entrepreneurship sector in Latvia is to promote activation of the domestic market, by particularly supporting small, medium, and micro enterprises, which currently need help the most. Small and medium enterprises constitute more than 99 % of all economically active enterprises in Latvia. It is the development of small, medium, and micro enterprises that form a pre-requisite for establishing a stable middle class and less unemployment in Latvia,” maintains the Chairman of the Board of Citadele Bank Juris Jakobsons.