The Latvian Development Finance Institution (ALTUM) 

What we are

ALTUM is a state-owned development finance institution, which offers state aid for various target groups with the help of financial tools (such as loans, credit guarantees, investing in venture capital funds, etc.). ALTUM develops and implements state aid programmes to compensate for the market's shortcomings that can't be solved by private financial institutions.

State aid programmes administered by ALTUM, are implemented with public resources – European Union and other international institutions, national and ALTUM's attracted financing. ALTUM's shareholders consist of the Republic of Latvia's Ministry of Finance, the Ministry of Economics and the Ministry of Agriculture. The leadership of the company is organized according to good case practices of corporate governance in accordance with the Development Finance Institution Law, Law On Governance of Capital Shares of a Public Person and Capital Companies, the Commercial Law, the Cabinet Regulations regarding ALTUM Advisory Council and other binding normative acts. ALTUM's statues are approved by the Cabinet of Ministers of the Republic of Latvia.

What we do

ALTUM provides loans and credit guarantees, offers insurance for business export deals and investment to venture capital funds, and offers non-financial support in the form of consultations, education, mentoring, and more.

ALTUM supports enterprises at different stages of their development, starting with developing business ideas to carrying out large projects if financing is not available in the private finance sector. State aid financial instruments administered by ALTUM, are meant for business start-ups, enterprises, rural enterprises and individuals.


We help Latvia grow!


To be a partner and financial expert in economical development.

Our values

  • Team - We work professionally in a unified team together with our customers and partners, thereby creating and implementing effective state aid programmes that are relevant to our client's needs.
  • Excellence - Making use of our experience and creative perspective, we strive for excellence in everything we do. We constantly develop ourselves. We take on the complicated, yet finish with simplicity. We look at things and challenges creatively.
  • Responsibility - We strive to reach our goals, pursue everyday work with efficiency, fairness and respect.

Areas of Operation

  • Support for business start-ups and encouraging self-employment
  • Support to stimulate entrepreneurship – business development and improvement of competitiveness, implementation of technologies and innovation
  • Support for rural enterprises and regional development
  • Facilitating export
  • Development of venture capital industry
  • Support for the start-up ecosystem
  • Improving energy efficiency
  • Administering the Land Fund's operations
  • Support for purchasing housing for families with children


ALTUM is founded with a purpose to create a single national scale development and finance institution in order to implement various state aid and development programmes.

JSC “Development Finance Institution Altum” (hereinafter ALTUM) was founded on 27 December 2013 as state–owned joint stock company “Development Finance Institution”, acting upon a directive by the Cabinet of Ministers of the Republic of Latvia.

All ALTUM voting shares belong to the Latvian state – shareholders include the Ministry of Finance (40%), the Ministry of Economics (30%), and the Ministry of Agriculture (30%).

The establishment of ALTUM was held in two stages by combining 3 state-owned institutions:

  • During the first stage three state-owned institution’s JSC “Latvian Development Finance Institution Altum”, LLC “Latvian Gurantee Agency” (hereinafter LGA) and JSC “Rural Development Fund” (hereinafter RDF) shares were transferred to JSC “Development Finance Institution”, thereby creating a concern of financial institutions.
  • During the second stage was a reorganization process – JSC “Latvian Development Finance Institution Altum”, LGA, RDF were merged into JSC “Development Finance Institution” and ceased to exist without a liquidation process. This stage was completed on 15 April 2015, thereby creating new unified institution with new name JSC “Development Finance Institution Altum”.

The newly created JSC “Development Finance Institution Altum” (ALTUM) took over all of the rights and obligations, including contract obligations with clients and partners of JSC “Latvian Development Finance Institution Altum”, LGA and RDF.

ALTUM continues to implement various state aid programmes and offers financial instruments such as loans, guarantees, capital instruments and additional instruments, such as grants. ALTUM develops new aid programmes and financial instruments in cooperation with policy makers to advance the economy's development of Latvia.

ALTUM currently has 7 branches and 14 consultation centers that provide customer services throughout the territory of Latvia.

Consolidated Institutions

  • JSC “Latvian Development Finance Institution Altum” (until 1 January 2014 – JSC “Mortgage and Land Bank of Latvia”)
  • LLC “Latvian Gurantee Agency” (LGA)
  • JSC “Rural Development Fund” (LAF)

JSC “Latvian Development Finance Institution Altum”

Founded on 19 March 1993 as state-owned JSC “Mortgage and Land Bank of Latvia” based on a directive by the Cabinet of Ministers of the Republic of Latvia. During its entire period of operations under assignment by the government, the institution implemented different state aid and development programmes, providing support for specific categories of businesses and residents.

On 1 November 2011 the Cabinet of Ministers of the Republic of Latvia supported JSC “Mortgage and Land Bank of Latvia” commercial part sale strategy. On the basis of this decision, JSC “Mortgage and Land Bank of Latvia” commercial services provision was incrementally discontinued of until 30 September 2013.

Starting with 1 January 2014, JSC “Mortgage and Land Bank of Latvia” continued its operations under the name JSC “Latvian Development Finance Institution Altum”, continuing to provide national support services for clients and implementation state aid programmes while simultaneously implementing other the government's delegated task.

LLC “Latvian Guarantee Agency” (LGA)

Founded in 1998 with a purpose to ensure support for entrepreneurs in attracting finances in cases where they're not adequately provided for. LGA implemented the following state aid programmes: credit guarantees, mezzanine loans, export credit guarantees, risk capital microloans.

JSC “Rural Development Fund” (RDF)

Founded in 1994 and its main area of focus was ensuring state aid to rural entrepreneurs in cases where they are insufficiently provided for in credit.

RDF implemented the following programmes: credit guarantees and credit fund loans, as well as in cooperation with JSC “Latvian Development Finance Institution Altum” provided loans for land purchases to be used for agricultural product production.



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