Micro Lending Programme
The global financial crisis has had a very negative effect on the Latvian labour market. The Micro Lending Programme is expected to contribute to the growth of Latvian micro-businesses by improving the access to finance for micro-enterprises and self employed persons and thereby creating up to 900 workplaces.
Promotion of Private Sector
Access to Capital for SMEs
With the advent of the global financial crisis in 2008, Latvia experienced the largest GDP decrease in the entire EU, due to a sharp decline of financial inflows and the consecutive slump in private consumption and investment. In 2009 alone, the deep economic recession resulted in a GDP decrease of 18%.
The unprecedented economic crisis has had a very negative effect on the labor market. In 2010, more than 17% of the working population was unemployed. Although the economy has shown signs of recovery during the second half of 2010 and should start to grow again this year, the employment rate is expected to recover only slowly.
Additional Information and Documents
Articles and Press releases
Key data of the project
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Project number: UX-00603.01