Luminor grants more than EUR 1 million in financing for the development of RĒZEKNES MEŽS

Luminor Bank has granted EUR 1.06 million in financing for the development of forestry, timber wholesale and manufacturing company RĒZEKNES MEŽS. The financing consists of a credit line to supplement the company’s working capital and a long-term loan. The financing will help the company increase timber purchasing volumes, develop production and expand its export markets.

The financing will be used for forest stand purchases, the purchase of timber and other raw materials, as well as financing the company’s day-to-day operations. The additional working capital will enable the company to maintain larger stocks of raw materials, take advantage of market opportunities in a timely manner and ensure an uninterrupted production process while awaiting payments from business partners. It will also enable the company to increase the production of higher value-added wood products and further develop sales in both domestic and export markets.

“RĒZEKNES MEŽS is one of the companies that has demonstrated rapid growth in recent years, significantly increasing its turnover and expanding its operations. For fast-growing manufacturing companies, it is important to be able to secure raw materials in a timely manner and maintain flexibility in order to take full advantage of market opportunities. The financing granted will provide the company with the resources needed for further growth and help it implement the next stage of its development,” says Ilze Zoltnere, Head of the Corporate Department at Luminor Bank in Latvia.

“In our industry, it is essential to be able to purchase forest stands and raw materials at the right time in order to ensure stable production and fulfill customer orders on time. The financing granted will enable us to increase purchasing volumes, build up larger stocks and respond more flexibly to demand in different markets, while continuing to grow our business,” says Elmārs Grišuļonoks, Member of the Management Board of RĒZEKNES MEŽS.

RĒZEKNES MEŽS has been operating in the forestry sector for more than 10 years. The company offers a full range of services – from forest purchasing and logging to timber transportation, roundwood processing and the production of lumber, wood chips and firewood. In recent years, the company has significantly expanded its operations, developing higher value-added products and strengthening its position both in the domestic market and in the European Union and Asia. In 2025, the company’s turnover reached EUR 5.27 million, which is 93 % more than a year earlier.

The company’s administration is based in Ludza, while its operations also extend to Cesvaine and Sigulda. As the company has expanded, it has increased its workforce by 15 % in recent years, employing 35 people at the end of 2025. Alongside developing its operations in Latvia, the company actively participates in international industry exhibitions and continues to expand cooperation with partners in the European Union and Asia.

About RĒZEKNES MEŽS

RĒZEKNES MEŽS is a wood processing company with many years of experience in the forestry sector. The company offers a full range of services – from forest purchasing and logging to roundwood processing, lumber production and export. The company’s production facility is located in Ludza and specialises in birch roundwood processing and the production of birch lumber for domestic and export markets.

About Luminor

Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just like Estonian, Latvian and Lithuanian markets.