Funding of funds is available for business development projects

The project competition organised by Latgale Planning Region (LPR) for entrepreneurs “support for the implementation of business ideas in Latgale” rit in full, and by 1 June, the last day of submission of applications, has remained for two weeks. Time is enough to implement your business idea when you fill out the required project documents.

The programme support will be allocated to projects that implement a new business idea and create at least one new job in Latgale region. The beneficiary of the aid may be an economic operator, as well as an undertaking employing up to 20 employees and having a turnover of up to EUR 1 000 000. The aid intensity is up to 55% of the total eligible costs of the project. The aid per project can be obtained from EUR 5 000 to EUR 10 000. The duration of the project is up to 12 months since the conclusion of the contract.

Eligible costs may be:

• the purchase of new production assets and software, the costs of obtaining or using patents, licences, copyright and trade marks;
• fees for the participation of employees in training;
• the depreciation portion of fixed assets that corresponds to the duration and actual use of the project;
• audit costs.

“Latgale entrepreneurs have a number of important opportunities to successfully develop their business, only to come and take what is offered. And the grant competition is a good example. The Latgale Planning Region Latgale Business Centre team is prepared to provide informative support to an existing or emerging entrepreneur for the preparation of the application for business ideas aimed at promoting the development of our region, creating new jobs and improving business indicators,” notes the President of the BR Development Council Sergei Maksimov.

We have previously informed that an online seminar on key aspects to be taken into account when applying for this grant competition was held at the end of April. More information on the seminar and video recording, including the biggest stumbling stones in the 1 st round of competition, is available here. You can download a presentation here.

“Often businessmen recognise that additional momentum or motivation is needed to“ see the light of daylight ”. A specific grant scheme competition can also serve as a great motivation. In this case, there is no need to write a large business plan. It is sufficient only to fill in the project application form and to remember to add the necessary documents,” stresses THE coordinator of THE BR Grant Scheme Elina Gipsle.

More information on the above support programme and binding documents can be found here.

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The information was prepared by

Latgale Planning Region Latgale Business Centre