Rietumu Banka has increased the amount of the credit line for the alternative lending company West Kredit to EUR 40 million. The financing is intended for lending to small and medium-sized companies, as well as real estate developers.
West Kredit is one of the largest alternative lending companies in Latvia and a leader in mortgage loan in this segment. By increasing the credit line, the company plans to focus more on the development of corporate lending in various sectors and continue to strengthen its position in lending to real estate developers.
Jeļena Buraja, Chairman of the Board of Rietumu Banka, commented on this transaction: "Loans for Latvian business is one of our priorities. The allocated financing will help future entrepreneurs from various regions to start business, giving them the opportunity to implement their ideas and plans, and for those already active in business – to expand the scale of operations. Thus promoting the economic development of the entire country, as each new company and new project means additional jobs, increasing competitiveness, budget revenues and raising the overall level of well-being of the population."
Whereas Sergejs Maļikovs, Chairman of the Council of West Kredit, noted: "We are pleased to cooperate with Rietumu Banka, which provided the necessary financing for the development of small and medium-sized enterprises and lending to real estate developers. Currently, there is a significant demand from market participants for alternative financing that allows to get a loan safely and quickly for the implementation of business projects. Our strategy is to develop business financing throughout Latvia, while also continuing private mortgage and consumer lending."
Rietumu Banka is the largest Latvian capital bank and one of the largest banks in the Baltic region. The bank provides a full range of services, focusing on corporate lending and liquidity solutions. Rietumu Bank's clients are companies that operate in such sectors as green energy, food and goods production, commercial and residential real estate development, construction, import and export transactions, logistics, trade, financial services, technology, etc.
West Kredit is a full-service alternative lending company that has been operating in the Latvian market for almost 30 years, offering a wide range of services for private individuals and corporate financing, including loans for business, home purchase, mortgage loan for those planning to sell real estate, refinancing, etc. The company has 12.6 thousand customers, the total volume of loans issued amounts to 206 million euros.
