LATRAPS Renews €55 Million Credit Line with Two Latvian Commercial Banks
To support more efficient farming, LATRAPS has secured a €55 million credit line from two Latvian commercial banks – with half provided by Luminor Bank and the other half by SEB Bank. The credit lines are intended for financing working capital during the harvest period, including purchases of grain from farmers as well as mineral fertilisers and plant protection products for Latvian agricultural producers.
“LATRAPS is the largest farmers’ cooperative in Latvia, bringing together more than 1,220 farmers from across all regions of the country. For 25 years, the cooperative has been a driving force in advanced agriculture, fostering stable growth for its members through an efficient and reliable supply chain – from seed to harvest. The cooperative also provides strong representation in global grain markets, enhancing the competitiveness of Latvian farmers’ products beyond national borders. The credit line granted by both banks enables LATRAPS to fully meet farmers’ working capital needs and successfully carry out the cooperative’s plans and objectives for the current year,” says Gundars Ruža, Member of the Board of LATRAPS, commenting on the financing.
Each year, more than a thousand farmers actively take advantage of the opportunity to access credit through LATRAPS. Loans allow farmers to access raw materials upfront and settle the payment at the end of the season, after the harvest has been taken in. Such practice is common in grain farming worldwide.
About LATRAPS:
The Cooperative Society of Agricultural Services LATRAPS is the largest agricultural cooperative in the Baltics. Its core business is to provide comprehensive services to farmers, offering a full cycle of grain production and sales. LATRAPS also provides crop insurance agency services and engages in the trade of agricultural machinery and spare parts, as well as the provision of maintenance
and logistics services, and rapeseed oil production. LATRAPS Group includes LATMALT SIA (malt production), ASNS Ingredient SIA (production of pea protein isolate and other plant-based products) and other companies.
LATRAPS is a company wholly owned by Latvian farmers, and its success is driven by a steadily growing base of dedicated members and customers, a strong focus on exports and continuous innovation in the industry.