Businesses can get support for developing new products or technologies

Investment and Development Agency of Latvia (LIAA) shall announce the selection of project applications for the Norwegian Financial Instrument Entrepreneurs Support Programme “Development of Green Innovation and Information and Communication Technology Products”. Through this small-scale grant scheme, entrepreneurs have the possibility to attract co-financing of up to €130 thousand.

“One of the long-term objectives of Latvia's economic development is to double exports by 2030. It will only be binding if we work on creating new high-value added products. The Norwegian financial instrument programme is a good opportunity to increase its productivity and export capacity," says Kaspars Rožkalns, the director of Investment and Development Agency of Latvia. 

The project competition aims at & nbsp; increase the competitiveness of Latvian merchants and promote the development of new products or technologies in the fields of green innovation and information and communication technologies (ICT).

Aid will be provided for the experimental development, testing and certification of a new product or technology, the strengthening of intellectual property rights and the financing of knowledge transfer activities with a project partner related to the development of the new product or technology. A representative of one product or technology not intended for commercial purposes should be developed during the project.

Aid will be received by merchants registered in Latvia who correspond to the status of small (micro), small or medium-sized merchant. Merchants may also be attracted by project partners, who may be any public or private legal person established in Norway or Latvia and who has adequate competence to help develop the new product or technology.

The total available funding is 1 & nbsp; €700 000 where €850 000 is dedicated to green innovation projects and €850 & nbsp; €000 is dedicated to ICT projects.

The amount of grant available for the same project is between €10 and €130 thousand, while the aid intensity is between €35 and 70%. The maximum aid intensity is eligible for companies that have not received aid above €200 thousand under EU aid & nbsp; de minimis & nbsp; conditions in the last three years.

Project applications will be submitted to the LAA by 31 August of this year. They are scheduled to be evaluated within four months, which will allow contracts with co-financing beneficiaries to be concluded and projects to be launched at the beginning of next year.

More information on the competition selection rules and documents to be submitted can be found on the website & nbsp; www.norwaygrants.lv & nbsp; on the “Project contests” section of the “Business and Innovation” programme.