Industra provides EUR 500 000 financing to the oil producer Iecavnieks & Co
Industra has granted a EUR 500 000 loan to SIA Iecavnieks & Co, one of the largest producers of unrefined rapeseed oil in the Baltic States. It is envisaged that the loan will be used to finance the working capital.
“The financing of Iecavnieks & Co is a part of the implementation of the new business strategy of Industra - at the centre of our bank's activity is cooperation with entrepreneurs operating in the real sector of the Latvian economy – with manufacturers, service providers, start-ups. Our goal is to gradually build up our lending portfolio, providing entrepreneurs not only with financing, but also with genuine partnering relationships – with understanding, insight, and a supportive attitude. The deal with Iecavnieks & Co is illustrative of such an approach,” says Raivis Kakānis, the chairman of the management board of Industra.
“Financing by the bank will allow us to use market opportunities more efficiently. During its long-term business activity, Iecavnieks & Co has firmly established itself in the oil and feed market in the Baltic region, but additional financing will enable us to do even more. This deal will contribute to our growth and is illustrative of the ability of Latvian manufacturing enterprises to develop even in a highly competitive environment”, says Dainis Lagzdiņš, the chairman of the management board of Iecavnieks & Co.
Iecavnieks & Co is a multi-industry company and one of the largest unrefined rapeseed oil producers in the Baltics. The main industries in which the company operates are agriculture, primary processing, and storage of grain, as well as processing of oil seeds. The enterprise cultivates 525 ha of agricultural land on which it is growing oilseed rape, wheat, and field beans. Iecavnieks & Co sells the manufactured products in the domestic market as well as exports them to other Baltic and European countries.
The joint stock company Industra Bank is a Latvian credit institution that was founded in 1994 and has almost 30 thousand customers, and in terms of this indicator Industra is the seventh largest bank in Latvia. In January 2020, the name of the credit institution Meridian Trade Bank was changed to Industra Bank to reflect the change in the bank's business strategy. Industra has been created by local entrepreneurs and the bank's activities are focused on servicing of Latvian small and medium-sized enterprises.