Luminor Bank has granted financing to the agricultural machinery dealer SIA Polteh for the purchase of new sales premises in Preiļi to expand the company’s operations in Latgale region and be closer to its customers.
“Agriculture is an essential sector of the Latvian economy. Modern machinery is needed to ensure productivity and to cultivate the land, as agricultural land accounts for more than 30% of all land in Latvia. Polteh is one of Latvia’s agricultural machinery dealers, successfully operating on the market for 16 years. The company’s business results have been excellent so far and it is now ready to expand its operations, which is why Luminor Bank is ready to provide support of several hundred thousand for the company’s further growth,”
says Ilze Zoltnere, head of Corporate Banking at Luminor in Latvia.
In addition to agricultural machinery sales, the company also provides vehicle repairs and maintenance during and after warranty. SIA Polteh offers mainly Polish-made machinery, which is highly demanded in the market due to its affordable price. The company sells tractors, trailers, sprayers, ploughs, power harrows, hay and potato harvesters, and other agricultural machinery.
“At the moment we have sales outlets in Jelgava and Tukums, so until now our main customers have been farmers in Kurzeme and Zemgale. With the opening of a store in Preiļi, we plan to attract farm owners in Latgale as well. Machinery made in Poland is very popular among small and medium-sized farms because it can withstand the necessary load and is relatively cheaper. For this reason, sales are relatively stable, and farmers can often buy our machinery without structural fund co-financing,”
says Raitis Penkevics, chairman of the board of SIA Polteh.
SIA Polteh is a tractor, agricultural machinery, municipal machinery, and spare parts trading company with 16 years of experience. During its history, it has established successful cooperation with several manufacturers of agricultural machinery and tractors both in Europe and worldwide. SIA Polteh offers machinery, spare parts, and servicing for such well-known brands in the industry as Landini, Regent, Samasz, Pronar, Metal Fach, Unia, Agro Masz, Pom Augustow, Sipma, Jar-Met, Bomet, Jinma Mahindra, and others. The company is a member of the Agricultural and Industrial Machinery Association.
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Like the Estonian, Latvian and Lithuanian markets, we are young, dynamic, and forward-looking.