Development finance institution ALTUM has granted CrossChem EUR 2.9 million for working capital and business development. The granted loan will ensure the stability of CrossChem and will enable the realization of the established development plans.
What is happening in Ukraine has had a strong impact on a wide range of business sectors, and the chemical industry in Europe has been hit particularly hard, given that the usual supply channels for raw materials have been disrupted. This undoubtedly also affected the chemical product manufacturer CrossChem, which plays a significant role in ensuring the national economy of Latvia.
In order to help Latvian entrepreneurs overcome these and similar challenges and ensure successful business in difficult market conditions, ALTUM opened several financial support programs last year, which make a significant contribution to business in Latvia.
Richard Anderson, Chairman of the Board of CrossChem emphasizes: “2022. During the year, due to geopolitical conditions, we were forced to react quickly in order to ensure the operation of vitally important sectors of the national economy with CrossChem products. For its implementation, the funding available from the bank or from investors was not enough, so we are glad that ALTUM’s financial tools have provided us with the necessary resources to strengthen our position as an exporting company in the world markets.”
