Latvian Development finance institution ALTUM has granted a 100,000 EUR loan to Shield48, which manufactures and supplies face shields to medical professionals during the COVID-19 health crisis. The project loan was granted within the framework of the Start-up Program. Previously Shield48 has already manufactured 10,000 face shields to Latvian state medics according to the contract with the Latvian National Health Service and delivered to Latvian hospitals. Shield48 plans to use the loan to cover the future costs of raw materials and manufacturing to fulfil new deliveries.
“We will use the ALTUM start-up loan to purchase the necessary raw materials for the production of face shields and to cover other expenses – staff salaries, equipment working time, transportation and deliveries, which are already taking place outside the Baltic States. The interest is enormous, and we appreciate the rapid response of ALTUM, which gives us additional resources to buy materials and cover the production of 15,000 face shields. To meet the ever-growing demand, we have already attracted nearly 40 employees who handle incoming orders on a daily basis, organize material purchases, prepare component deliveries and provide packaging, “said Shield48 spokesman Didzis Dejus.
As Reinis Berzins, chairman of the board at ALTUM, noted, “we are working very fast now, even during the weekends, to provide operational support not only to companies affected by the COVID-19 crisis but also to clients in other programs who need additional resources to implement new projects. Shield48 is an example. ” Read the full article on ALTUM website (in Latvian).