EU Funds in Latvia 2024–2027: Complete Guide for Businesses

Introduction

European Union funds are one of the most powerful tools Latvian businesses can use for growth. In the 2024–2027 planning period, Latvia has access to several billion euros – and a significant portion of this money is specifically intended for business development.

However, the reality is that most entrepreneurs don't use this opportunity. Not because they don't qualify – but because they don't know where to start, what programs exist, and how to properly apply.

In this article, we'll cover everything you need to know as an entrepreneur about EU funds in Latvia – from A to Z.

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What are "EU funds"?

EU funds are European Union budget resources distributed to member states to promote economic growth, innovation, digitalization, and the green transition.

In Latvia, these funds are administered by several institutions:

• CFLA (Central Finance and Contract Agency) – the main EU funds administration body
• LIAA (Investment and Development Agency of Latvia) – support for innovation, export, digitalization
• ALTUM – state development finance institution providing loans, guarantees, and grants

Each of these institutions has its own programs, criteria, and deadlines.

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Who is EU funding for?

EU fund programs in Latvia are typically available to:

• SMEs (small and medium enterprises) – with turnover from €50k to €50M
• New businesses – with innovative ideas
• Agricultural businesses – through LAP (Rural Development Program)
• Manufacturing companies – looking to modernize equipment
• IT and technology companies – digitalization projects

Typical investment areas:

• Equipment purchase – production lines, CNC machines, automation
• Real estate – construction or renovation of production facilities
• Digitalization – ERP systems, e-commerce, process automation
• Green transition – energy efficiency, renewable energy
• Export development – entering new markets

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How much co-financing?

Depending on the program and project type, EU funds can cover:

> Important: If you don't use EU grants, you're competing with companies that have 30–70% of costs already covered by the EU budget.

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Key Programs 2024–2027

1. Manufacturing and Technology Modernization

• Goal: Increase productivity and competitiveness
• Co-financing: Up to 55%
• For: Manufacturing SMEs
• What it funds: Equipment, technologies, automation

2. Digital Transformation

• Goal: Promote adoption of digital solutions
• Co-financing: Up to 50%
• For: SMEs in all sectors
• What it funds: IT systems, e-commerce, process digitalization

3. Green Transition and Energy Efficiency

• Goal: Reduce CO₂ emissions and energy costs
• Co-financing: Up to 65%
• For: Manufacturing, construction, service sector
• What it funds: Solar panels, insulation, energy-efficient equipment

4. Export Promotion

• Goal: Increase export volumes of Latvian businesses
• Co-financing: Up to 50%
• For: Export-capable SMEs
• What it funds: Trade fairs, marketing, certification

5. Agricultural Modernization (LAP)

• Goal: Modernize agricultural and food production
• Co-financing: Up to 70%
• For: Farmers and food processors
• What it funds: Machinery, buildings, processing equipment

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Application Process: Steps

Step 1 – Assess Your Eligibility

Before applying, it's important to understand:

• Does your company meet the program criteria?
• Does your project fit within the supported activities?
• Can you provide the required co-financing (your share)?

Step 2 – Choose the Right Program

There's no universal program – each project has its best fit. Choosing the wrong program = wasted time and resources.

Step 3 – Prepare Documentation

A typical document package includes:

• Business plan or project description
• Financial projections (3–5 years)
• Company financial statements
• Supplier quotes
• Compliance certificates

Step 4 – Submit the Application

The application is submitted through the relevant institution (CFLA, LIAA, or ALTUM). The process can take from 2 weeks to 2 months.

Step 5 – Project Implementation and Reporting

After approval – the project must be implemented within the set deadlines and expenditure reports must be submitted.

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5 Most Common Mistakes

1. "I don't qualify"

The biggest mistake – not even checking. Many companies qualify but don't know it.

2. Wrong program selection

Each program has specific criteria. Applying to the wrong program = guaranteed rejection.

3. Weak documentation

A business plan without clear projections, incomplete financial data – this is the main reason for rejections.

4. Applying too late

Programs run out. Those who apply first have better chances.

5. Trying to do everything yourself

Preparing EU fund applications requires specific expertise. Professional help saves time and increases your chances.

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Why Work with Oferta Finance?

We're not consultants who write a business plan and disappear. We are financial brokers who:

• Assess your eligibility for various programs
• Select the optimal financing structure
• Prepare all necessary documentation
• Represent your interests with institutions and banks
• Combine EU grants with private financing in an optimal structure

Our experience in numbers:

• 400+ clients served
• €100M+ financing raised
• Working with 20+ financiers in Latvia and Europe

> Many of our clients receive both an EU grant and private credit – in one optimal package.

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Programs Are Running Out Fast

The 2024–2027 planning period is in full swing. Some programs are already open, others will open in the coming months. Those who apply first have the best chances.

Don't miss the opportunity to receive up to 70% co-financing for your project.

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Check Your Opportunities

Fill out a short questionnaire (1–2 minutes) and our team will assess your opportunities:

Fill out the questionnaire

No commitment. Response within 1–2 business days.