European Social Fund for financing business start-up, Latvia

A great number of people lost their jobs during the crisis. This turn is hard, but requires to consider other alternatives and to understand their position in the labor market and overall economy. Not without reason the crisis is also known as the time of possibilities. I call it inspiration time. If someone does not work, he begins to think also about other types of profit and one of the following types is to become an entrepreneur and employer. If to do it during the crisis actually was hard, then it was time to create ideas and plans and projects. While the period of recovery is the time to think about the implementation of the project.

European Social Fund (abbreviation – ESF) program “Support for self-employment and business start-up” is a way to get assistance for project implementation. The program is created to develop new businesses, in such a way increasing the economic activity. Depending on whether such a project already being implemented and how long, is provided in both advisory and instructive, and benefits, so for example if a person only wants to take up economic activities or is initiated no more than a year, have the opportunity to gain advice and training and financial support (loans and grants ), while if the business is carried out more than one but not more than three years, offered advice and financial assistance-smaller extent.

Implementation of the program is linked to the ESF, national and banking (Hipotēku banka) funds. As already mentioned, the new entrepreneurs are able to make loans of up to 54 thousand LVL (about 77 thousand EUR), and grants: new (0-1 years) businesses can get not more than 35% of the funds of the loan amount for starting a business and no more than 20% – for the deleting of loan, the remaining (1-3 years) – 20% of the loan amount for the deleting of loan. The program does not support such projects as: fish farming, fishing, wholesale trade, real estate, gambling and betting activities, weapons production, tobacco, beer and alcoholic drink production and marketing, and others.

So maybe it’s time for unemployed people to end the complaining about the current situation in the labor market and lack of money and start their own business, getting the appropriate support.

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3 thoughts on “European Social Fund for financing business start-up, Latvia

  1. I agree with your statement 110%. People that were effected by the crisis and lost their jobs should definitely try this out. Although with being an entrepreneur there are many risks that may be involved. One of those being job security. Being an entrepreneur doesn’t guarantee a steady paycheck but with the right idea, taking into account your location and choice of work, you could be on your way to a good career path.

    Reply
  2. This might not be the ideal place to request this, but I’m trying to find a start up financing online and have no method to find out who can help me. I uncovered this website which is I find reliable and wanted to see if any person has any reviews on them. CRS25.com. http://crs25.com
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