Moneza, as the first TWINO Group brand, has been operating in Latvia for ten years, until now offering loans to individuals. Now the next step has been taken in expanding the product portfolio.
A study published last year by the Financial Industry Association confirm that business loans for development are highly demanded, every second business has needed a loan in the last three years. At the same time, recent Lursoft data show that the financial health of entrepreneurs is improving as the number of proposed insolvencies continues to decline.
“With the decline in foreign capital availability and investments in Latvian companies, we believe it is important to ensure the availability of local financing for Latvian entrepreneurs, thus facilitating their development and innovation. Moneza Bizness focuses on small and medium-sized businesses, loans are unsecured and pledged, and customers may be clients of any bank and do not need to change their core bank”, shares TWINO Group’s Country Manager for Latvia and Moneza lead Sanita Zitmane.
Moneza Bizness products are designed to be as user-friendly as possible and at the same time to meet creditworthiness. Moneza Bizness includes two types of loans – loan for company growth and loan bill financing.
“Business development, growth and maintenance require resources that are often needed immediately, and that is exactly what Moneza’s new service provides. This means time saved and the opportunity to start working on the project as soon as possible for the business owners,” adds Sanita Zitmane.
The loan for the growth of the company is available for an amount of up to EUR 100,000 and has a repayment term of up to 36 months. The loan has an interest rate of 1.59% per month and will remain constant throughout the life of the loan agreement. This loan is intended for company development, equipment purchase, working capital replenishment, contingencies and other purposes.
Entrepreneurs can also obtain a loan of up to € 50,000 to finance their bills, payable in three to 12 months. It is also subject to a fixed interest rate of 1.59% per month. Entrepreneurs use this type of loan mainly in situations where working capital is needed and the partner’s bills have to be paid for more than 30 days.