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Case study: How to attract state aid to support your business during CHALLENGING TIMES

INTRODUCTION

Leinonen can help companies attract additional financing. We will take care of the documentation thus saving your time and easing the burden of attracting both aid for overcoming the COVID-19 crisis and business development investments.

PROBLEM

For example, a new State aid programme was established at the end of May this year offering a one-off grant or contribution for sports centres hit by the crisis. As applications to the Latvian Investment and Development Agency (LIAA) had to be submitted within less than one week, the process turned out to be very challenging. Later, amendments to the respective Cabinet regulations extended the submission term by one month and altered assessment criteria for receiving the grant.

OUR SOLUTION

We addressed a client working in this sector and identified that it can apply for aid. We managed to prepare and submit the documentation to LIAA within just a few days and were able to respond to LIAA’s request for additional information without delay by providing a complete and professional explanation of the situation.

RESULT

Our client was one of the 70 sports centres (LIAA data as of 08.10.2021) that received the State aid to reimburse for the drop in turnover; the aid was a fixed compensation in the amount of 25 EUR/m2 for the total indoor area of sports centres.

The owner of the company says:

I can say that Leinonen delved into the extraordinary situation and managed to find the most appropriate solution. Our cooperation was successful and immediate, thanks to which we had a possibility to use the State aid for overcoming the obstacles created by the crisis more easily.

ADDITIONAL INFORMATION

According to Government’s estimates, more than 150 million EUR  might be necessary to provide support to the companies and employees affected by the new restrictions imposed due to the spread of COVID-19. It is planned to launch programmes that have already been tested first, thus there is a reason to believe that aid measures will start in the near future, which will allow companies to solve their financial problems caused by the restrictions as soon as possible.


21.10.21


Author:   

Ilona Adamaite

Investments and Finance Advisor

Mobile: +371 24 664 392

Email: ilona.adamaite@leinonen.lv

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