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Most corporate loans issued by Latvia's Citadele Bank in 2017 were to farming businesses

RIGA - Most of the corporate loans issued by Latvia's Citadele Bank in 2017 were to farming businesses, the bank said.

The average size of a loan for development of a farming business was EUR 50,000.

Over the last two years, farmers have been actively using bank loans for business development.

They also make use of the co-financing available from the Rural Support Service, which administrates the state support and the EU financing for agriculture.

Last year the Rural Support Service paid out EUR 184.4 million for investment in 14,525 projects.

Farmers can combine the EU support, bank loans and own money to implement business development projects.

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