Grant programme "Take -Off", Riga
Topic of the practice
Access to finance for creative businesses. The programme is aimed at providing support to newly established innovative city businesses.
Good Practice Information
The programme is aimed at providing support to newly established innovative city businesses. The central focus of the grant programme is the development of entrepreneurship
in the city of Riga. The aim of the grant programme is to facilitate development of small and
medium-sized businesses that are one year old or less.In addition, the programme seeks to motivate those who left Latvia to return to Riga and start their own enterprise, and thus to promote wealth creation and a more rapid achievement of the European level.
The programme offers financial support by covering up to 75% of expenses for: specific hardware and licences,accounting and legal services, seminars to improve qualifications, development of a company’s web-site, amongst others. The limit of available funding for one applicant is
set at 6000 LVL (approx. 8,500 EUR). The recipients are selected through an open competition.The partner for the programme was not known initially and was determined after a series of negotiations. The project is a partnership between Riga City Council and commercial bank “Swedbank”:
● Riga City Council Entrepreneurship Coordination Centre: the unit initiated the launch of the programme and provides all administration for the project and also grants a major part of the funding;
● Swedbank: the partner in the project, provides a minor part of the funding, expertise and funding for marketing activities.
Evidence of success
The programme may be considered a success for the following reasons:
● the initiative of the municipality was developed into the full-scale programme;
● the partnership with the private sector enterprise was established;
● among the grant recipients after the first competition, there are at least 6 (out of 14) companies clearly qualifying as CI.
Contact details to obtain further information on the practice
Riga City Council Entrepreneurship Coordination Centre