AS Expobank has signed a credit line Agreement in the amount of 450,000 EUR with a trader of agricultural products (animals, domestic animals, fish feed and organic fertilizers), the company SIA L.J. Linen that works with major manufacturers in Europe, Russia, Asia, Africa and South America. The funding was provided through the Altum Credit Guarantee Support Program. The purpose of the credit line is to replenish working capital – to acquire new export markets and expand business.
SIA L.J. Linen manager Jānis Kulikovskis points out:
“To some extent, the pandemic has benefited our company, as price fluctuations around the world have contributed to the company’s profitability. In the future, we plan to increase the turnover with the range of existing products, so we will use the credit line to further develop the business. To expand our export markets, we choose to master our next target market – Africa.”
“Financing for business continuation and expansion is important for companies in various industries and we are pleased to see that, despite the unstable operating conditions during the pandemic, SIA L.J. Linen has managed to maintain revenue levels, as well as close last year with a profit. The company’s many years of experience in feed wholesale, business contacts around the world and the fact that the company’s main shareholder and manager is an entrepreneur with a modern education and a broad vision of business development were also reasons for the decision to grant a credit line. It should be noted that the financing was granted by attracting that additional collateral instrument – a loan guarantee from the state development financial institution ALTUM,”
-says Vasilijs Karpovs, Member of the Board of AS Expobank.
“We are pleased with the ALTUM guarantee to support the company L.J. Linen, implementing a project that will help increase operating capacity and export volumes. In general, companies are increasingly using ALTUM guarantees, which help to obtain bank financing in the required amount and on more favourable terms, while giving the bank a sense of security when investing in business development projects,”
-says Inese Zīle, ALTUM Board Member.
The company L.J. Linen is a wholesaler of animal feed, pet food, fish feed, organic fertilizers and fresh and frozen food. It is a family business in the second generation with more than 27 years of experience.
AS Expobank is one of the oldest banks in Latvia, established in 1991 and celebrating the 30th anniversary this year. At the beginning of 2019, the Bank completely changed its operating strategy and introduced a new business model, starting to increase its market share in the Latvian financial market. This marked a new development start of the Bank, which envisages a competitive financing offers to corporate clients, term deposits for individuals, brokerage services, as well as introduction of innovative financial technologies.
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