Luminor Bank has granted a loan of EUR 605 000 to the farm Albrekši in Latvia to develop its activities and purchase agricultural machinery. The farm is active in dairy and grain farming and plans to use the financing to purchase a combine harvester, a sprayer, a cultivator, and a wheeled tractor.
The project has also received co-financing from the Rural Support Service.
"Farming is never an easy job, as yields and potential profits are affected by the weather and other external factors that are difficult to predict in advance. We highly appreciate the fact that the farm has diversified its risks by operating in several agricultural sectors at the same time. If, due to various circumstances, the year may not be as productive as hoped in the cereals sector, dairy and livestock farming can provide support for financial stability. We are happy to support a farm that is ready to continue its development by improving its technical equipment in economically less favourable times," says Ilze Zoltnere, head of Corporate Banking at Luminor in Latvia.
Of the total area managed by Albrekši, approximately 47 hectares is pasture, and the farm has 114 cattle.
"Our farm is a family business with children actively involved. Our son manages the cereal production, while our daughter helps with the livestock production. Years of experience in various agricultural and cattle-breeding tasks allow us to react quickly and monitor the herd and its health. Since the farm was founded, I have been actively involved in the farm's activities and participate in all processes. Luminor's financial support will allow us to improve the technical equipment and increase the capacity of the farm," says Ruta Šekeva, owner of ZS Albrekši.
In 2020, dairy farming accounted for 25% of the farm's total turnover, grain farming for 61% and beef cattle breeding and sales for 14%.
About ZS Albrekši
The Albrekši farm was established in 1992 and initially managed 25 hectares of land. Currently, the farm manages 257 hectares of agricultural land, of which 187.7 hectares (70%) are owned by the farm.
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Like the Estonian, Latvian, and Lithuanian markets, we are young, dynamic, and forward-looking.