Up to EUR 200,000 for going public: EUR 1.23 million still available in Latvia’s CFLA capital markets support programme

Latvian businesses still have an opportunity to receive EU co-funding to prepare for raising capital in financial markets. Under the Central Finance and Contracting Agency’s programme “Support for Enterprise Participation in Capital Markets”, EUR 1,232,992.44 remained available according to data after 21 August 2026, and project applications can be submitted until 31 December 2026.

This programme is particularly relevant for companies that want to raise capital not only through bank loans but also through equity or debt securities. In practice, it means that public co-funding can cover part of the costs of preparing for a listing on Nasdaq Riga’s Baltic Regulated Market or the alternative market First North.

What is this CFLA programme?

The programme is designed to help companies attract development financing through capital markets while improving competitiveness and encouraging investment in growing businesses.

It is intended for capital companies, especially small and medium-sized enterprises and small mid-cap companies, that plan to prepare a share issue or a bond issue and have their financial instruments admitted to trading.

How much support can a company receive?

The programme does not cover the full budget of the listing or issuance process, but it can provide highly meaningful co-financing.

for a share issue – up to EUR 200,000;
for a debt securities or bond issue – up to EUR 120,000;
the support may not exceed 50% of eligible costs.

For a share issue, there is an additional important condition: a successful issue is considered one that raises at least EUR 500,000.

What costs can the programme cover?

For many companies, the biggest barrier before entering capital markets is not ambition but preparation costs. This programme helps cover part of those costs.

Eligible costs include:

services of external consultants related to capital raising and issue organisation;
costs of preparing, approving and publishing a prospectus, offering document, company description or issue terms;
due diligence costs;
costs of hiring a certified adviser where required by the trading venue;
financial, tax, legal and audit advisory costs;
indirect project costs, calculated at 7% of direct eligible costs.

Why should a company consider capital markets at all?

Many Latvian businesses still associate financing mainly with bank loans, Altum programmes or shareholder contributions. Capital markets offer another route – raising money from investors.

An equity issue may suit a business that needs long-term growth capital and whose owners are willing to share part of ownership. A bond issue is often more relevant for businesses that want to retain ownership control but are prepared to raise borrowed capital from investors under defined terms.

Capital markets can provide not only financing, but also stronger visibility, better credibility with partners and more disciplined financial management. At the same time, the company must be ready for greater transparency, regular disclosures and more serious preparation.

Who is this programme most useful for?

Going public or issuing bonds will not be the right next step for every business. However, the programme may be especially useful for companies that:

plan rapid growth and need financing for expansion;
want to diversify funding sources instead of relying only on banks;
are considering First North or Nasdaq Riga as a capital raising platform;
are pursuing investment, innovation or export-oriented growth;
are ready to improve governance, financial reporting and investor communication.

How should a business choose between shares and bonds?

Put simply, if a company wants growth capital without a mandatory principal repayment date, a share issue may be the more logical option. If the company wants to preserve ownership control and can service debt, a bond issue may be more suitable.

The right choice depends on financial performance, growth plans, owner priorities, governance readiness and investor demand. In practice, an initial evaluation with advisers is usually necessary.

What are the key deadlines?

applications are open until 31 December 2026;
the evaluation period is up to three months from submission;
the remaining available funding after 21 August 2026 is EUR 1,232,992.44.

This means that companies seriously considering the programme should not leave the assessment until the end of the year. The earlier a business determines whether it is genuinely suitable for capital markets, the better the chance of preparing both a good application and a realistic issuance process.

What should a company do now?

define what the financing is needed for – growth, investment, working capital or restructuring;
decide whether equity or bonds would be the more suitable instrument;
review financial statements, governance quality and readiness for investor requirements;
contact Nasdaq Riga, certified advisers or other capital markets advisers for an initial assessment;
study the CFLA call documentation and application rules;
work with accountants and financial advisers to estimate eligible project costs.

What is the main takeaway for entrepreneurs?

For many business owners in Latvia, capital markets still feel like a tool reserved for large companies. This programme suggests otherwise: the state is trying to make this financing route more accessible to companies for which a listing or bond issue previously seemed too expensive or too complex.

If a business has growth ambition, sufficiently strong financial management and a long-term perspective, capital markets can be a real alternative. CFLA co-funding can reduce one of the biggest barriers – preparation costs.

Frequently asked questions

Who can apply for CFLA support for capital markets participation?

The support is intended for commercial companies, especially SMEs and small mid-cap companies, that plan to raise financing through capital markets.

How much support is available for a share issue?

Up to EUR 200,000 is available for preparing a share issue, subject to a maximum of 50% of eligible costs.

How much support is available for a bond issue?

Up to EUR 120,000 is available for preparing a debt securities or bond issue, subject to a maximum of 50% of eligible costs.

Until when can applications be submitted?

Applications are open until 31 December 2026.

Does the programme finance the capital being raised from investors?

No. The programme does not provide the investment capital itself. It covers part of the preparation costs needed to access capital markets.

Sources

Central Finance and Contracting Agency – programme “Support for Enterprise Participation in Capital Markets”.
Central Finance and Contracting Agency – information on applying for EU support for entry into capital markets.
Ministry of Economics presentation material on measure 1.2.1.3 “Support for Enterprise Participation in Capital Markets”.
Nasdaq Riga / First North information on market requirements.