Latvia’s Ministry of Economy reports that on Tuesday, the 10th of January, approved the ministry’s developed Recovery Fund’s support programme for entrepreneurs that provides for the supply of new software and equipment, digitisation of internal processes and increase of productivity.
As part of the new programme, entrepreneurs will be able to receive support for administrative, personnel management, sales, resource management, data management, transport and logistics, production and quality control, operational management (business management, business analytics, big data analytics), strategic management process and other information and communication technology products, technologies, security or process-related improvements.
Support will be provided as part of grant vouchers. For micro and small businesses the available grant amount is up to EUR 5 000. For medium-sized and large companies, NGOs and state capital associations the available grant amount will be up to EUR 100 000.
«To assist businesses in making focused and reasonable investments that contribute tangible support towards digital transformation,
businesses will first have to undergo a digital maturity test,
in order to identify their respective digital technology situation and identify sectors that require investments. They will also have fill in a Digital Development Roadmap. The digital maturity test will have to be passed again after the investment project’s conclusion in order to assess the change in digital maturity,» Ministry of Economics reports/warns.
All support will be paid by Investment and Development Agency of Latvia (LIAA).
It is planned for businesses to be able to start signing up for support in February 2023,
LIAA will review each project application individually. The total funding available for the programme is EUR 40.140 million. It is predicted for this support to be provided to at least 280 businesses by 2026.
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