CrossChem receives almost EUR 3 million from ALTUM

Development finance institution ALTUM has granted CrossChem EUR 2.9 million for working capital and business development. The loan will ensure CrossChem’s stability and allow it to implement its development plans. 

The ongoing events in Ukraine have had a profound impact on a wide range of business sectors and especially the chemical industry in Europe, given the disruption of the usual raw material supply channels. It has also certainly affected CrossChem, a chemical producer which plays a major role in the Latvian economy. 

To help Latvian entrepreneurs overcome these and similar challenges and maintain a successful business in difficult market conditions, last year ALTUM opened a number of financial support programmes that make a significant contribution to entrepreneurship in Latvia.

“During 2022, geopolitical conditions forced us to react quickly to ensure that CrossChem’s products could support vital sectors of the economy. The funding provided by banks and investors was not enough to make this happen, so we are pleased that ALTUM’s financial tools have given us the resources we need to strengthen the position as an exporting company in global markets,” says Ričards Andersons, Chairman of the Management Board of CrossChem.