Luminor grants EUR 2 million in financing to medical goods distributor ELVIM Ltd

Luminor Bank has granted EUR 2 million in financing to pharmaceutical and medical product marketing and distribution company ELVIM Ltd to expand its cooperation with a partner in Ukraine. The credit line will ensure the continuity of high value-added medical technology supplies manufactured in Japan to the Ukrainian state-owned company and balance the growing volume of transactions.

ELVIM Ltd specializes in the marketing and distribution of medical products in three critical medical fields: surgery, oncology, and radiology. The company also imports Japanese-made medical devices used in cardiovascular surgery, thereby contributing to healthcare.

"ELVIM is a great example of how a local company can not only operate successfully in the Baltics, but also respond flexibly to market conditions and provide urgent support to the wider region. Cash flow is essential in international supply chains, so our task is to provide flexible working capital financing that allows the company to settle accounts with manufacturers while fulfilling its obligations to customers. We highly value the professional experience of the company's management and its ability to maintain stable financial indicators while promoting access to healthcare," says Ilze Zoltnere, Head of the Corporate Department of Luminor Bank in Latvia.

ELVIM Ltd has been cooperating with its Ukrainian partner for more than 20 years and business volumes in this segment are constantly growing. Given the complex logistics situation in the region, the credit line in cooperation with Luminor provides the necessary financial "cushion" in cases where the delivery cycle of goods is longer than planned or advance payments must be made to manufacturers.

"Our priority is stability and quality, supported by the management team's more than 30 years of experience in the industry. Thanks to advances in medicine, life expectancy in Europe has increased significantly over the last century, and modern healthcare is unthinkable without close interaction between pharmaceuticals and technology. The financing provided by Luminor is an important tool that allows us to put this mission into practice – to cooperate with international partners and ensure that the highest quality technologies are quickly made available to doctors and patients in both the Baltics and Ukraine," emphasizes Genadijs Igonovs, representative of ELVIM Ltd.

ELVIM Ltd has shown steady growth over the past five years, achieving a turnover of more than €20 million. The company not only distributes equipment from internationally recognized manufacturers, but also develops its own brand, offering various pharmaceutical products manufactured in Europe.

By Elvim Ltd

ELVIM Ltd is a company founded in 1992 that is engaged in the marketing and distribution of pharmaceutical and medical products. The company provides a full logistics cycle and focuses on the supply of high added value medical goods to the surgical, oncology and radiology sectors.

By Luminor    

Luminor is the leading independent bank in the Baltic States and the third largest financial services provider in the region. We provide financial services to individuals, families and businesses. Like the Estonian, Latvian and Lithuanian markets, we are young, dynamic and focused on the future.