In order to reconstruct the cow farm and purchase the necessary equipment, Luminor Bank has provided financing to the Nogales farm in the amount of more than 2.5 million euros. The farm of Kabile parish of Kuldīga region is engaged in dairy farming and cereals.

The financing provided by the bank is meant for reconstruction of the old cattle shed, building of manure storage facilities, purchasing cow milking robots, automatic feeding system and other necessary equipment for the maintenance of the farm.

“The development of the farm has taken place in several stages, for example, there was a time when we invested more funds in the purchase of land. When the land area was increased, we started to focus on increasing the capacity of dairy farming. Our consultant Leveria provided support in the preparation of financial plans, while the bank loan will help us to purchase more modern equipment for cowsheds, making the farm more efficient and competitive, as well as making the daily life of the farm workers easier,” says Ainars Guštilo, owner of Nogales Farm.

Three years ago, a new dairy barn for 120 dairy cows with two milking robots was built on the farm. It is now planned to reconstruct the old shed so that the living conditions of the livestock in it would comply with the welfare regulations, and in the future the milk yield could be increased.

“Agriculture has traditionally been an important sector of the Latvian economy, so Luminor Bank is happy to support active entrepreneurs who operate in the regions and are able to clearly justify the farm’s development plans and future benefits. As farms cannot always afford to invest more financially in a faster development leap, the bank provides financial support to accelerate growth and there would be a possibility to purchase newer machinery, more modern equipment that can address, for example, labour shortages,” says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.

About the farm Nogales:

Nogales farm was founded in 1991. It initially managed 40 hectares of agricultural land and owned four dairy cows. The farm currently has 670 hectares of agricultural land and 325 cattle, of which 200 are dairy cows.

About Luminor:

Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just as Estonian, Latvian and Lithuanian markets.

Additional information:
Inese Kronberga
Luminor Public Relations Manager
Phone.: +371 29215409
E-mail: Inese.Kronberga@luminorgroup.com