Topic of the practice
Access to innovation design and financial assistance to SMEs
Good Practice Information
SMEs can participate in business startup programmes, i.e. they can have the option to use business incubators or take a part of different banks start up programme contests as “Ideju kauss” (organised by Investment and Development Agency of Latvia) or grant programmes “Atspēriens” (organised by the Riga City Council and Swedbank Latvia) and the banks’ offer of a variety of loans to entrepreneurs.
In order to foster establishment and development of micro and SMEs, IDAL rolled out the project “Development of Business Incubators in Latvia” co-financed by the ERDF. The aim of project is to foster establishment and development of new, viable and competitive micro and SMEs in the regions of Latvia by ensuring the environment and consultancy services necessary for business activity.
Evidence of success
Since October 2012, 535 micro-, small, and medium-sized enterprises providing (maintaining) 1,251 jobs have received services at 23 Latvian cities from ten business incubators operators’ actions.
Business incubators are promoting a new, viable and competitive economic training and development in the regions, providing them with the necessary business tools, environment and advisory services.
Contact details to obtain further information on the practice
Society “Latvian Folk Art Union”
Annex completed on: 07-24-2014