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New aid program launched for art, entertainment, recreation industry

On February 4, the government approved the framework developed by the Ministry of Culture (KM) and the financial institution ALTUM to provide support in the form of loans and grants to the arts, entertainment and recreation industries affected by Covid-19.

The aid program also reaches the sector-related employees and ecosystem (artists, technical companies, venues) for the recovery of their economic activity. The total amount of the support program is EUR 6 million; it is planned to support at least 60 companies, said Lita Kokale, head of the KM public relations department.

Funding under the aid scheme is intended to be allocated to arts, entertainment and recreational enterprises in the form of working capital for the implementation of measures, including the implementation of cooperation measures between several companies. 60% of the aid amount will be a loan, 40% will be a grant. The maximum amount of aid per enterprise/group of related persons for the implementation of one measure will be EUR 300 000.

In order to qualify for aid, an arts, entertainment or recreational enterprise must:

  • be registered in Latvia and comply with the status of small and medium-sized enterprises;
  • operate in NACE 90; 91; 93; 74.90; 77.39 (culture, events, technical provision) sectors;
  • have worked with a turnover of at least EUR 40 000 in 2019;
  • be economically viable;
  • be able to prove the impact of Covid-19.

The aid program will be administered by the State aid financial institution ALTUM. In order to assess whether the economic operator is economically viable and to be supported, the experience of ALTUM in the analysis of business projects to date will be used.

ALTUM's applications for funding will start to be taken at the beginning of March this year. ALTUM is currently preparing arrangements for the granting of loans and grants, in cooperation with cultural business organizations, in order to start the implementation of the program as soon as possible after the program has been agreed with the European Commission. Companies will be able to submit applications to ALTUM customer portal mans.altum.lv.

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