Luminor supports development of Grannes farm with 1.9 million euros

  • 2023-05-18

Luminor Bank has provided 1.90 million euros in long-term financing for the development of Grannes farm. The grain-farming business is located in the Aizkraukle region, Latvia and manages 1500 hectares of land.

The farm grows mainly wheat (34%), peas (25%), rapeseed (7%), rye (10%), and beans (9%). The remaining area is used for various greening and nitrogen fixation activities, red clover and green manure fallow.

The company is now fully equipped with the necessary machinery, direct sowing machines have been purchased, which reduce the cost of field cultivation and provide “smart” farming technologies.

“Since the start of its operation, Grannes farm has developed significantly. Over the last ten years, the area farmed and the turnover have increased every year. The farm has overcome different economic cycles linked to the effects of changing crop yields due to the weather. We are happy to our support with long-term financing as Grannes farm has been able to prove itself and is pursuing excellent growth,” says Ilze Zoltnere, Head of Corporate Banking at Luminor in Latvia. 

Over the last decade, Grannes farm has almost doubled its turnover, growing steadily. Last year, Grannes farm continued to increase its grain cultivation area and achieved a turnover of over 1 million euros.

“Seventeen years of farming have given me the knowledge and experience to develop a business that is profitable and growth oriented. I work closely with others in the industry to exchange information and adopt best practices. I am also keen to share my own experience in grain cultivation and how to improve your farming skills. Today, we have a well-stocked fleet of farm machinery and all the equipment we need for the job. Grannes farm is a loyal member of the agricultural services cooperative society Latraps LPKS, which ensures quality pre-processing of the harvest and marketing of the produce at the best prices and conditions for the farmer. We have two sheds for storing machinery, grain, and fertilisers,” says Lauris Saliņš, manager of Grannes farm.

About Grannes farm

The farm was established in 2006 and is located in the Vietalva municipality of the Aizkraukle region, managing 1500 hectares of land. The company is managed by Lauris Saliņš, who started with 40 hectares of land and gradually increased the size of the farm to 1500 hectares. The company employs an average of 6 people, but the number of employees is increased seasonally.

About Luminor

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 our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.