Luminor Grants SIA Belss a Funding of 2.3 Million Euros for the Execution of a NATO Order
Luminor Bank has granted a loan in the amount of 2.3 million euros to company SIA Belss, which is engaged in the design and installation of telecommunications facilities. The funding will be used to set up a NATO mobile camp.
SIA Belss is a company operating in multiple fields – it is engaged in the sale and installation of radio communication equipment, installation of telecommunications, as well as construction design and construction of engineering networks. The company’s work includes projects such as the supply of radio stations and communications equipment to the Latvian National Armed Forces, the design and construction of a NATO battalion battle group deployment building, the supply of NATO mobile camp equipment and facilities, and others.
The total amount of the loan required to execute the latest NATO order is 2.3 million euros, part of which has been granted as a credit line and part as a guarantee. Altum guarantee of 60% is also applied to the financing.
“Last year, by signing and successfully executing a contract with the NATO Procurement Agency for the supply of a NATO mobile camp with full equipment for more than 6 million euros, SIA Belss proved its competence, so we are happy to support them in the implementation of the next project. A repeated NATO order perfectly confirms the professionalism and competitiveness of SIA Belss, so we are proud that the company turned to us looking for financing for the implementation of such a serious project,” says Ilze Zoltnere, Head of the Corporate Department at Luminor in Latvia.
Inese Zīle, Member of the Board of ALTUM: “The cooperation between ALTUM and Luminor in financing SIA Belss is a great example of how state aid instruments work, complementing private sector financiers. Our guarantee gives the bank a sense of security when investing large amounts of money in the company’s development project, while it allows the company to receive the necessary amount of funds from the bank on more favourable terms.”
“It is our belief that progress is not an accident, but the result of work and knowledge. That’s why we learn, grow and are not afraid to implement new ideas. In order to continue growing, we use both the financial instruments offered by Altum for the company’s growth and the financing opportunities offered by Luminor Bank. This allows us to realise the potential of our company in important projects,” says Kaspars Ziediņš, Member of the Board of SIA Belss.
About SIA Belss
The company was founded in 1994 and its main activity is the sale, installation, maintenance and repair of radio and wireless telecommunications equipment. Operating in the military sphere, Bels has now developed into the largest integrator of the defence industry in Latvia. In recent years, SIA Belss has also been developing design and construction. SIA Belss is also the official representative of Motorola Solutions in Latvia.